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Yesterday, NIFTY opened on a positive note and moved above the 24,600 mark in early trade. However, it traded within a narrow range of 24,650–24,550 for most of the session. In the last hour of trade, the index broke above 24,650, rallied sharply to test 24,850, and finally closed just below 24,800.

Although the market witnessed some recovery from lower levels, NIFTY continues to trade below all the key moving averages and is still forming lower tops and lower bottoms, indicating a cautious outlook.

On the upside, the 24,900–25,100 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 25,100.

On the downside, the 24,500–24,300 range will act as an important support area. Long positions should be protected with a strict stop-loss below 24,300.