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Yesterday, NIFTY opened on a negative note and slipped below the 26,100 mark in early trade. It formed lower tops and lower bottoms on the intraday chart, tested the 26,000 level, and eventually closed just above 26,025.

NIFTY has now moved below the 10-DEMA, which is placed near 26,075. Immediate support lies near the 20-DEMA around 25,950. A breakdown and sustained trade below 25,950 could lead to further correction, with the index likely to test 25,850.

On the upside, the 26,200–26,300 zone will act as a crucial resistance area. Fresh long positions should be considered only on a decisive breakout above 26,300.