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Yesterday, NIFTY opened on a negative note and slipped below the 24,200 mark in early trade. It found support near 24,150 and bounced back sharply, briefly reclaiming the 24,300 level. However, it failed to sustain at higher levels and eventually closed below 24,200.

NIFTY has now broken below the 50-DEMA, placed near 24,220, indicating increasing short-term weakness. The index may extend its correction towards the 20-DEMA, which is positioned near 23,940.

On the upside, the 24,400–24,500 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,500.