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Yesterday, NIFTY opened on a negative note and slipped below the 24,300 mark in early trade. The index made an intraday low of 24,200 and witnessed some recovery thereafter, eventually closing just below 24,300.

NIFTY is now trading below the 200-DEMA, which is placed near 24,350, indicating some weakness in the short-term trend. Therefore, one should remain cautious. On the downside, the 24,225–24,175 zone will act as an important support area, where the 50-DEMA and 100-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 24,175.

On the upside, the 24,350–24,450 zone will act as an important resistance area. Hence, fresh long positions should be considered only on a decisive breakout above 24,450.