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Yesterday, NIFTY opened with a downside gap and started the session below the 23,300 mark. The index took support near 23,250 in early trade and thereafter started forming higher tops and higher bottoms on the intraday chart. It recovered to test almost 23,450 before eventually closing just below 23,400.

NIFTY continues to form lower tops and lower bottoms on the broader charts; therefore, we should remain cautious. However, the buying interest witnessed near the 23,200 level indicates the possibility of a short-term bounce. Nevertheless, fresh long positions should be considered only on a decisive breakout above 23,550.

On the downside, the 23,250–23,150 zone will act as an important support area. Existing long positions can be maintained with a protective stop-loss below 23,150.