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NIFTY opened with a downside gap and slipped below the 25,600 mark in early trade. Thereafter, it consolidated within a narrow range of 25,575–25,525 for most of the session. However, in the last hour of trade, it breached 25,525 and eventually closed just above 25,450.

NIFTY has now broken the key support of 25,600 and tested the 50% retracement level of its recent rally from 25,571 to 26,341. A sustained move below 25,400 could extend the decline towards the 200-DEMA, which is placed near 25,215.

On the upside, the 25,650–25,750 zone will act as an important resistance area, where the 20-DEMA and 10-DEMA are positioned. Fresh long positions should be considered only on a decisive breakout above 25,750.