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In yesterday’s session, NIFTY opened on a positive note but failed to sustain above the 23,600 mark, leading to a sharp decline. The index tested the 23,350 level before witnessing a mild recovery, ultimately closing just above 23,450.

The technical structure remains weak as NIFTY continues to form lower tops and lower bottoms on the charts. Additionally, it closed below its 200-day exponential moving average (200DEMA), positioned at 23,541, further emphasizing the bearish outlook. With no clear signs of a reversal, we maintain a cautious approach, targeting 23,190, which aligns with the 61.80% Fibonacci retracement of the rally from 21,281 to 26,277.

On the upside, the resistance zone at 23,800 - 23,900 remains critical. Fresh long positions should only be initiated if NIFTY decisively breaks above the 23,900 level. Traders are advised to closely monitor these key levels and maintain caution until a clearer trend emerges.