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Yesterday, NIFTY opened almost flat and witnessed buying interest during the first half of the session. However, the index failed to sustain above the 24,100 mark and came under sharp selling pressure in the afternoon session. It slipped below 24,000 and made an intraday low of 23,952. However, it closed above the 24,000 mark.

NIFTY has now broken the important 24,000 price support as well as a key rising trendline support, indicating increasing weakness in the short-term trend. Therefore, further downside cannot be ruled out, and the index could now test 23,825.

On the upside, NIFTY has strong resistance in the 24,150–24,250 zone, where the 10-DEMA and 20-DEMA are positioned. Hence, fresh long positions should be considered only on a decisive breakout above 24,250.