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Yesterday, NIFTY opened on a positive note and moved above the 24,200 mark in early trade. However, it failed to breach the 24,300 level and, after making a high of 24,290, witnessed profit booking. The index slipped towards the 24,000 mark in the afternoon session and eventually closed just above 24,100.

NIFTY is currently consolidating within a narrow range of 24,400–23,800, and a breakout on either side will determine the next directional move. Until then, the market is likely to remain range-bound.

Existing long positions can be maintained with a protective stop-loss below 23,800. Fresh long positions should be considered only on a decisive breakout above 24,400.