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Yesterday, NIFTY opened with a downside gap and started the session below the 23,900 mark. Selling pressure intensified after the index broke below 23,800, dragging it to an intraday low of 23,737. NIFTY eventually closed just below the 23,800 mark, indicating continued weakness.

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 23,750, the weakness could intensify, and the index may even test the July low of 23,606.

On the upside, NIFTY now has strong resistance in the 23,900–24,050 zone. Hence, fresh long positions should be considered only on a decisive breakout above 24,050.