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Yesterday, NIFTY opened with a strong upside gap and tested the 26,300 level in early trade. However, it witnessed sharp profit booking and slipped below 26,000 soon after. For the remainder of the session, the index traded within a broad range of 25,650–25,850, before finally closing just above 25,700.

Although NIFTY continues to trade above all the key moving averages, the inability to sustain at higher levels calls for a cautious approach in the near term. If the index manages to sustain above 25,900, it could make another attempt to retest the 26,300 mark.

On the downside, the 25,400–25,200 zone will act as an important support area. Long positions should be protected with a strict stop-loss below 25,200.