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Yesterday, NIFTY opened on a positive note but failed to sustain at higher levels and witnessed profit booking. The selling pressure intensified after it slipped below the 25,600 mark. It tested 25,500 during the session and finally ended just above that level.

NIFTY is forming lower tops and lower bottoms and is currently trading below the 20-DEMA, placed near 25,610. Having broken the key support of 25,600, the near-term tone has turned cautious. Now, NIFTY may test 25,345, which corresponds to the 50% retracement of its recent rally from 24,587 to 26,104.

On the upside, the 25,700–25,800 range will act as a crucial resistance zone. Fresh long positions should be considered only on a decisive breakout above 25,800.