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Yesterday, NIFTY opened on a positive note and tested the 24,000 mark in early trade. However, the index failed to sustain at higher levels and witnessed profit booking. It slipped below 23,950 and eventually closed below 24,000.

NIFTY continues to struggle to sustain at higher levels and is trading below the 10-DEMA and 20-DEMA, indicating continued weakness in the short-term trend. Therefore, we should remain cautious. If NIFTY starts trading below 23,800, the weakness could intensify, and the index may even test the July low of 23,606.

On the upside, NIFTY has strong resistance in the 24,100–24,200 zone, where the 10-DEMA and 20-DEMA are positioned. Hence, fresh long positions should be considered only on a decisive breakout above 24,200.