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Yesterday, NIFTY opened on a negative note and slipped below the 24,500 mark in early trade. The index made an intraday low of 24,429 and eventually recovered to close just above 24,450.

NIFTY has fallen below the 10-DEMA, which is placed near 24,477, indicating some weakness in the short-term momentum. On the downside, the 24,400–24,300 zone will act as an important support area, where the 200-DEMA and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 24,300.

On the upside, the 24,600–24,700 range will now act as an important resistance zone. Fresh long positions should be considered only on a decisive breakout above 24,700.