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Yesterday, NIFTY opened on a negative note and started the session below the 24,000 mark. Thereafter, the index moved sideways within a narrow range of 24,000–23,850 for most of the day. In the last hour of trade, NIFTY broke this range on the downside and tested the 23,800 level before finally closing just above it.

NIFTY witnessed further weakness and has now slipped below the 20-DEMA, placed near 24,040. The index has also broken the important support of 23,900, indicating increasing short-term weakness. If the weakness persists, NIFTY may drift towards 23,677, which corresponds to the 38.2% retracement of the recent up-move from 22,182 to 24,601.

On the upside, the 24,000–24,100 zone will now act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,100.