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Yesterday, NIFTY opened on a negative note and slipped below the 23,700 mark in early trade. It continued to form lower tops and lower bottoms on the intraday chart. Selling pressure intensified in the last hour of trade once the index broke the 23,500 mark. It tested the 23,350 level and eventually closed below 23,400.

NIFTY has now corrected nearly 50% of its recent rally from 22,182 to 24,601 and continues to appear weak on the charts. If the index sustains below 23,350, the correction could extend towards 23,106, which corresponds to the 61.8% retracement level of the recent up-move.

On the upside, the 23,800–24,000 zone will now act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,000.