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Yesterday, NIFTY opened on a positive note but failed to hold above the 24,700 level. Selling pressure dragged the index lower, and after testing the 24,600 mark, it settled just above it.

The index is still forming lower tops and lower bottoms and remains below its 100-DEMA (24,745), keeping the bias cautious. Since NIFTY is trading below 24,625, further downside cannot be ruled out, with the next support placed at the previous low of 24,404.

On the higher side, the zone of 24,850–24,950 will continue to act as a stiff resistance. Only a decisive breakout above 24,950 would open the door for fresh long positions. Until then, the short-term trend is likely to remain weak to negative.