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Yesterday, NIFTY opened on a positive note but, after making a high near 25,900, it failed to sustain at higher levels and witnessed a sharp decline. The index slipped below 25,800 in early trade and began forming lower tops and lower bottoms on the intraday chart. Selling pressure intensified once NIFTY breached the 25,600 mark, dragging it down to test 25,400. It eventually closed just above 25,450.

NIFTY has now fallen below the 10-DEMA, 20-DEMA, 50-DEMA, and 100-DEMA, all of which are positioned in the 25,700–25,600 range. This signals short-term weakness and warrants a cautious approach. A sustained move below 25,400 could extend the correction towards the 200-DEMA, placed near 25,200.

On the upside, the 25,600–25,700 zone will act as a key resistance area. Fresh long positions should be considered only on a decisive breakout above 25,700.