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Yesterday, NIFTY opened on a flat note. In the afternoon session, the index witnessed a sharp upmove and breached the 24,400 mark. However, after making a high of 24,482, it failed to sustain at higher levels and witnessed sharp profit booking. NIFTY eventually closed just above 24,300.

NIFTY once again failed to sustain above the 24,400 level, which continues to act as a key resistance zone. A sustained move above 24,400 could open the path towards the 100-DEMA, positioned near 24,570.

On the downside, the 24,000–23,900 zone will continue to act as an important support area. Long positions can be maintained with a protective stop-loss below 23,900.