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Yesterday, NIFTY opened on a positive note and moved above the 24,100 mark in early trade. It formed higher tops and higher bottoms on the intraday chart and regained 24,300 in the afternoon session. However, it failed to sustain at higher levels and witnessed profit booking, eventually closing below 24,200.

NIFTY could not sustain above the 50-DEMA, placed near 24,200, which calls for a cautious approach in the near term. Fresh long positions should be considered only on a decisive breakout above 24,350.

On the downside, the 23,900–23,800 zone will act as an important support area. Long positions should be protected with a strict stop-loss below 23,800.