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Yesterday, NIFTY opened with an upside gap and jumped above the 23,500 mark. However, it failed to cross 23,600 and, after making a high of 23,592, witnessed a sharp decline. Selling pressure intensified once NIFTY slipped below 23,300, followed by a break of 23,200. The index eventually closed just above the 23,100 level.

NIFTY continues to form lower tops and lower bottoms on the broader charts; therefore, we should remain cautious. A break below its June low of 23,070 could lead to further weakness, in which case NIFTY may decline towards 22,600.

On the upside, the 23,400–23,600 zone will act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 23,600.