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On Friday, NIFTY opened almost flat and traded in a narrow range of 24,100–24,200 throughout the session. The index remained range-bound and eventually closed at 24,175.

NIFTY continues to trade below the 100-DEMA and 50-DEMA, which are placed near 24,200, indicating weakness in the short-term trend. Therefore, we should remain cautious. NIFTY now has immediate support near 24,000. If the index breaks below 24,000, the weakness could intensify, and it may test 23,825.

On the upside, NIFTY has strong resistance in the 24,300–24,400 zone. Hence, fresh long positions should be considered only on a decisive breakout above 24,400.