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Yesterday, NIFTY opened on a positive note and moved above the 25,550 mark. It tested the 25,650 level but failed to sustain at higher levels and witnessed profit booking. The index slipped to test 25,450 and eventually closed below 25,500.

NIFTY is struggling to sustain above the 20-DEMA, placed near 25,600, which calls for a cautious approach in the near term. On the upside, the 25,650–25,750 zone will act as a strong resistance area. Fresh long positions should be considered only on a decisive breakout above 25,750.

On the downside, the 200-DEMA, placed near 25,250, will act as an important support level. Long positions should be protected with a strict stop-loss below 25,250.