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Yesterday, NIFTY opened on a positive note and moved above the 24,300 mark in early trade. However, after testing higher levels (around 24,400), it failed to sustain and started forming lower tops and lower bottoms on the intraday chart. Selling pressure intensified in the afternoon session once the index slipped below 24,250, dragging it close to 24,100, before finally closing just below 24,200.

Despite this correction, NIFTY continues to trade above the 50-DEMA, placed near 24,190, keeping the broader trend positive. However, the index faces resistance in the 24,300–24,400 zone. A sustained move above 24,400 could open the path towards the 100-DEMA, which is positioned near 24,700.

On the downside, the 23,750–23,650 range will act as an important support zone, where the 10-DEMA and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 23,600.