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Yesterday, NIFTY opened on a positive note but failed to sustain above the 24,000 mark and witnessed profit booking. The index slipped below 23,900, tested the 23,800 level during intraday trade, and eventually closed above 23,850.

NIFTY continues to face selling pressure at higher levels. The 24,100–24,200 zone remains a key resistance area, where the 100-DEMA is positioned. As long as the index trades below this resistance band, a cautious approach is warranted. Fresh long positions should be considered only on a decisive breakout above 24,200.

On the downside, the 23,900–23,800 zone will continue to act as an important support area, where the 10-DEMA and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 23,800.