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Yesterday, NIFTY opened almost flat but faced selling pressure in early trade. The index began forming lower tops and lower bottoms and the decline accelerated once it slipped below the 24,100 mark. It tested the 23,850 level and eventually closed just above it.

NIFTY failed to sustain above 24,300 and witnessed renewed selling pressure, keeping the lower top–lower bottom structure on the daily chart intact. A sustained move below 23,700 could trigger further correction towards 23,512, which represents the 61.8% retracement of the entire rally from 21,743 to 26,373.

On the upside, the 24,200–24,300 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,300.