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Yesterday, NIFTY opened on a negative note and started the session below the 24,150 mark. Thereafter, the index continued to form lower tops and lower bottoms on the intraday chart. It made an intraday low of 24,025 and eventually closed below 24,100.

NIFTY continues to form lower tops and lower bottoms on the charts, indicating weakness in the short-term trend. Therefore, one should remain cautious. The 24,050–24,000 zone will now act as an important support area. If NIFTY starts trading below 24,000, the weakness could extend further, and the index may test 23,825.

On the upside, the 24,200–24,325 zone will act as an important resistance area. Hence, fresh long positions should be considered only on a decisive breakout above 24,325.