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On Tuesday, NIFTY opened on a positive note, crossing the 23,600 mark in early trade and breaching 23,700 to reach an intraday high of 23,780. However, it failed to sustain higher levels and witnessed sharp selling pressure, ultimately closing just above the 23,500 mark.

NIFTY's inability to hold gains and its close below the 200-day exponential moving average (200DEMA) at 23,540 reflects continued bearish sentiment. With no reversal signs evident, we maintain a cautious outlook, reiterating our target of 23,190, which corresponds to the 61.80% Fibonacci retracement of the upmove from 21,281 to 26,277.

On the upside, the resistance zone at 23,800 - 23,900 remains critical. A decisive breakout above 23,900 would signal a potential shift in momentum, warranting fresh long positions. Until then, traders should approach the market with prudence, focusing on key support and resistance levels.