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Yesterday, NIFTY started the day on a positive note and witnessed some buying interest in early trade. The index tested the 22,800 level during the afternoon session; however, it failed to sustain at higher levels and witnessed a sharp decline in the last hour of trade.

NIFTY is struggling to sustain at higher levels, indicating persistent weakness; therefore, we should remain cautious. Going forward, NIFTY may witness further weakness and could test the 22,400 level.

On the upside, the 22,900–23,000 zone will continue to act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 23,000.