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On Friday, NIFTY opened almost flat and traded in a narrow range of 23,900–24,000 throughout the session. The index remained range-bound with limited buying interest and eventually closed just below the 23,900 mark.

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 23,775, 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 24,050–24,150 zone, where the 10-DEMA and 20-DEMA are positioned. Hence, fresh long positions should be considered only on a decisive breakout above 24,150.