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Yesterday, NIFTY opened on a positive note and started forming higher tops and higher bottoms on the intraday charts. The index breached the 23,400 mark and touched a high of 23,466 during the day before eventually closing just above 23,400.

NIFTY has now started forming higher tops and higher bottoms on the daily charts. Yesterday, it also tested the 10-DEMA, which is placed near 23,450. However, we should remain cautious as NIFTY faces strong resistance in the 23,400–23,600 zone. Therefore, aggressive long positions should be considered only on a decisive breakout above 23,600.

On the downside, the 23,150–23,050 zone will act as an important support area. Hence, long positions should be maintained with a protective stop-loss below 23,050.