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On Friday, NIFTY opened on a negative note and continued its downward trajectory. It formed lower tops and lower bottoms on the intraday chart, with selling pressure intensifying once the index slipped below the 24,000 mark. It went on to test the 23,800 level and eventually closed below 23,900.

NIFTY has now fallen below both the 10-DEMA (24,083) and 20-DEMA (23,936), indicating short-term weakness. As long as the index trades below 23,900, the downside risk remains intact, and it may drift towards 23,677, which corresponds to the 38.2% retracement of the recent up-move from 22,182 to 24,601.

On the upside, the 24,100–24,200 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,200.