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On Friday, NIFTY opened on a negative note and slipped below the 24,200 mark in early trade. Thereafter, the index traded in a narrow range of 24,250–24,150 throughout the session and eventually closed below 24,200.

NIFTY is struggling to sustain at higher levels and has once again slipped below the 50-DEMA, placed near 24,200, which warrants a cautious approach in the near term. On the downside, the 24,000–23,900 zone will continue to act as an important support area. Long positions can be maintained with a protective stop-loss below 23,900.

On the upside, the 24,400–24,500 range will act as an important resistance zone. Fresh long positions should be considered only on a decisive breakout above 24,500.