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Yesterday, NIFTY opened on a negative note and started the session below the 24,250 mark. Thereafter, the index continued to form lower tops and lower bottoms on the intraday chart and eventually closed below 24,100.

NIFTY has fallen below the 100-DEMA and 50-DEMA, which are placed near 24,200, indicating weakness in the short-term trend. The index has also broken the key support of 24,100, thus we should remain cautious. NIFTY now has immediate support near 24,000. If it breaks below 24,000, the weakness could intensify, and the index may test 23,825.

On the upside, NIFTY has strong resistance in the 24,300–24,400 zone. Hence, fresh long positions should be considered only on a decisive breakout above 24,400.