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Yesterday, NIFTY opened on a weak note but recovered sharply in early trade. However, after reaching an intraday high of 23,565, it failed to sustain at higher levels and experienced significant profit booking. The selling pressure intensified once NIFTY breached the 23,400 mark, leading to a further decline. Ultimately, the index tested 23,150 before closing just above this level.

Technically, NIFTY has slipped below the 200-day exponential moving average (200DEMA) and closed beneath the 10-day exponential moving average (10DEMA), which is currently positioned around 23,275. The index now finds support in the 23,100 - 23,000 range, where both the 50DEMA and 10DEMA are aligned. Given this setup, a cautious approach is warranted, with a stop-loss below 23,000 for existing long positions.

On the upside, the 23,400 - 23,500 zone will serve as a key resistance level. A decisive breakout above 23,500 would be required to confirm further upside momentum and warrant fresh long positions.