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Yesterday, NIFTY opened on a negative note and slipped below the 23,450 mark in early trade. The index tested 23,400 and thereafter traded in a narrow range of 23,400–23,475 for most of the session. However, selling pressure intensified in the last hour of trade, dragging NIFTY below 23,400 and indicating continued weakness.

NIFTY continues to form lower tops and lower bottoms on the charts, confirming persistent weakness in the short-term trend. Therefore, we should remain cautious. The index has successfully tested our previously mentioned target of 23,400. If NIFTY sustains below 23,400, the weakness could intensify, and the index may further decline towards 23,172, which corresponds to the 61.8% Fibonacci retracement level of the rally from 22,182 to 24,774.

On the upside, NIFTY now has strong resistance in the 23,600–23,700 zone. Hence, fresh long positions should be considered only on a decisive breakout above 23,700.