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Yesterday, NIFTY opened on a positive note and tested the 24,300 mark in early trade. However, the index failed to sustain at higher levels and witnessed profit booking. It slipped to test 24,150 during the session and eventually recovered to close just above 24,200.

NIFTY continues to face resistance at higher levels, with a strong resistance zone in the 24,300–24,400 range, where the 10-DEMA, 20-DEMA, and 200-DEMA are positioned. Fresh long positions should therefore be considered only on a decisive breakout above 24,400.

On the downside, the 24,000 mark will act as an important short-term support level. Long positions can be maintained with a protective stop-loss below 24,000.