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In the previous session, NIFTY opened on a positive note, surpassing the 24,300 mark in early trade. However, it failed to sustain higher levels, experiencing a sharp decline that pushed it below the 24,000 mark.

NIFTY now finds immediate support in the 24,000 - 23,900 range. A breach and sustained trade below 23,850 could lead to a retest of the 200-day exponential moving average (200DEMA), positioned near 23,570, signaling further weakness. Traders should remain cautious until clear signs of stability emerge.

On the upside, NIFTY continues to face strong resistance in the 24,300 - 24,400 range, where the 100-day and 50-day exponential moving averages converge. A decisive breakout above 24,400 is necessary to consider aggressive long positions, as it may indicate the resumption of upward momentum. Until such a move occurs, a prudent and risk-managed approach is recommended.