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On Friday, NIFTY opened almost flat and moved sideways within the 23,100–23,025 range for most of the session. However, in the last hour of trade, the index broke out of this range on the upside and touched a high of 23,162. It eventually closed just below 23,150.

Although we witnessed some recovery from lower levels on Friday, there is still no clear sign of a reversal, and NIFTY continues to form lower tops and lower bottoms on the charts. If NIFTY breaks below 23,000, it could witness further weakness and test the 22,760 level.

On the upside, the 23,300–23,400 zone will continue to act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 23,400.