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Yesterday, NIFTY opened on a negative note and slipped below the 24,500 mark in early trade. It faced continuous profit booking throughout the session, tested the 24,350 level, and eventually closed just above it.

NIFTY witnessed selling pressure at higher levels. If the index starts trading below the 50-DEMA, placed near 24,200, it could extend the correction towards the 20-DEMA, which is positioned near 23,900.

On the upside, the 24,600–24,650 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,650.