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Yesterday, NIFTY opened on a negative note and slipped below the 24,600 mark in early trade. After taking support near 24,500, it recovered sharply; however, in the afternoon session, it failed to sustain at higher levels and again witnessed selling pressure, finally ending just above 24,500.

NIFTY has tested our short-term target of 24,500. Since it has now slipped below the 100-DEMA, placed near 24,630, we maintain a cautious view. If NIFTY starts trading below 24,500, it may test its recent swing low of 24,337. A breakdown below this level could extend the decline towards the 200-DEMA, placed near 24,266.

On the upside, the 24,800–24,900 zone will act as a strong resistance. Fresh long positions should be considered only on a decisive breakout above 24,900.