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Yesterday, NIFTY opened on a negative note and slipped below the 24,300 mark in early trade. Thereafter, the index traded in a narrow range of 24,200–24,300 for most of the first half. In the afternoon session, NIFTY broke below the 24,200 level, triggering sharp selling pressure. The decline intensified after the index breached 24,000, and it eventually closed below 23,900.

NIFTY has broken the crucial 24,000 support and closed below both the 10-DEMA and 20-DEMA, which are positioned in the 24,100–24,000 range. This deterioration in the short-term technical structure calls for a cautious approach. If the index breaks below 23,800, the correction could extend towards 23,650.

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.