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Yesterday, NIFTY opened on a positive note and jumped above the 23,450 mark in early trade. However, after making a high of 23,489, the index failed to sustain at higher levels and witnessed profit booking. It slipped to test 23,300 before eventually closing below 23,350.

NIFTY could not sustain above the 10-DEMA, which is placed near 23,450, and formed a “Bearish Engulfing” pattern on the daily chart. Therefore, we should remain cautious. If NIFTY starts trading below 23,275, it could once again test the 23,120 level.

On the upside, NIFTY continues to face strong resistance in the 23,400–23,600 zone. Therefore, aggressive long positions should be considered only on a decisive breakout above 23,600.