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Yesterday, NIFTY opened on a negative note and fell below the 22,500 mark. The index took support near 22,400 in early trade, after which it started forming higher tops and higher bottoms on the intraday charts. It subsequently regained 22,600 and tested 22,700, eventually closing just above 22,750.

Once again, NIFTY found support near the 200-WEMA, which is placed near 22,400, and closed just above the 10-DEMA, placed near 22,750. However, the index faces resistance in the 22,750–22,850 zone, where the 10-DEMA and 20-DEMA are positioned. Therefore, fresh long positions should be considered only on a decisive breakout above 22,850.

On the downside, the 22,400–22,300 zone will act as an important support area. Therefore, long positions should be maintained with a protective stop-loss below 22,300.