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Yesterday, NIFTY opened with a downside gap and started the session below the 23,750 mark. Selling pressure intensified after the index broke below 23,700, dragging it to an intraday low of 23,623. NIFTY eventually closed just below 23,650, indicating continued selling pressure.

NIFTY continues to form lower tops and lower bottoms on the charts, confirming weakness in the short-term trend. Therefore, we should remain cautious. If NIFTY starts trading below the July low of 23,606, the weakness could intensify, and the index may further decline towards 23,400.

On the upside, NIFTY now has strong resistance in the 23,800–24,000 zone. Hence, fresh long positions should be considered only on a decisive breakout above 24,000.