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Yesterday, NIFTY opened on a negative note and tested the 23,900 mark in early trade. Although the index witnessed some recovery from lower levels, it failed to sustain at higher levels and came under renewed selling pressure. NIFTY almost tested the 23,800 mark before eventually closing just above 23,850.

NIFTY has slipped below the 50-DEMA, placed near 24,000, and has started forming lower tops and lower bottoms on the daily chart, indicating weakening short-term momentum. If this weakness persists, the index could extend its decline towards 23,650.

On the upside, the 24,000–24,100 zone will now act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,100.