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Yesterday, NIFTY opened almost flat and traded in a narrow range of 24,000–24,100 during the first half of the session. However, in the afternoon, the index broke below this range and slipped to an intraday low of 23,924, before finally closing just below 23,950.

NIFTY continues to face resistance near the 100-DEMA, which is placed around 24,200. As long as the index remains below this level, fresh long positions should be considered only on a decisive breakout above 24,200.

On the downside, the 23,900–23,800 zone will 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.