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Yesterday, NIFTY opened on a positive note and quickly jumped above the 24,650 mark in early trade. It breached the 24,700 level but failed to sustain at higher levels and fell sharply in the afternoon session. The index slipped below 24,600 and eventually closed below it.

NIFTY was unable to cross the 24,700–24,800 resistance zone and witnessed profit booking at higher levels. Hence, traders should remain cautious and consider fresh long positions only on a decisive breakout above 24,800.

On the downside, 24,400 will act as a crucial support. A breakdown below this level could drag NIFTY towards the 200-DEMA, positioned near 24,250. Traders holding long positions should maintain a strict stop-loss below 24,400.