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Yesterday, NIFTY opened on a positive note and moved above the 24,000 mark in early trade. Thereafter, the index traded in a narrow range of 24,000–24,100 for most of the session. However, in the last half an hour of trade, NIFTY broke below this range and eventually closed below 24,000.

On the downside, NIFTY has immediate support near the 23,800 mark. Long positions should therefore be protected with a protective stop-loss below 23,800. A sustained move below this level could extend the correction towards 23,650.

On the upside, the 24,000–24,100 zone will continue to act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,100. If NIFTY sustains above 24,100, it could regain momentum and move towards the 24,300–24,350 zone.