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Yesterday, NIFTY opened on a negative note and slipped below the 24,650 mark in early trade. It began forming lower tops and lower bottoms on the intraday chart. Selling pressure intensified in the last hour of trade, dragging the index close to the 24,400 level before it finally closed at 24,450.

NIFTY continues to struggle to sustain at higher levels and is still forming lower tops and lower bottoms on the charts, indicating a cautious outlook. A sustained move below 24,300 could extend the decline towards the 100-week EMA, placed near 24,050. If this level is breached, the index may further correct towards 23,512, which represents the 61.8% retracement of the entire rally from 21,743 to 26,373.

On the upside, the 24,900–25,000 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 25,000.