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NIFTY began yesterday with positive momentum but was unable to maintain its upward trajectory, subsequently establishing a pattern of lower highs and lower lows on intraday charts. Support was found near 23,550, with the index ultimately closing just above 23,600.

NIFTY's close below the 200-day exponential moving average (DEMA), currently positioned around 23,620, warrants caution. The index may now test its 20-day DEMA, which is approximately at 23,430.

On the upside, the 23,800-23,900 range will likely act as significant resistance. Therefore, new long positions should only be considered if NIFTY breaks above 23,900.