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Yesterday, NIFTY opened with a downside gap and slipped below the 24,000 mark in early trade. The index found support near the 23,700 level and staged a recovery thereafter. It managed to regain the 24,000 mark and eventually closed above it.

Despite the recovery from lower levels, the charts do not yet show clear signs of a reversal. However, given the sharp decline witnessed recently, a technical pullback cannot be ruled out. NIFTY may extend its recovery towards the 24,300–24,400 zone, though selling pressure is likely to emerge at higher levels. Hence, a cautious approach remains advisable.

On the downside, the 23,800–23,700 range will act as an important support zone. A sustained break below 23,700 could lead to further correction towards 23,512, which represents the 61.8% retracement of the entire rally from 21,743 to 26,373.