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Yesterday, NIFTY opened with a downside gap and tested the 23,200 level in early trade. Thereafter, the index started forming lower tops and lower bottoms on the intraday charts. Selling pressure intensified once NIFTY broke below 23,150, after which it slipped further to test 23,050 and eventually closed just above that level.

NIFTY has broken the key support level of 23,100 and continues to form lower tops and lower bottoms on the charts. Therefore, we may see further weakness, with NIFTY potentially testing the 22,760 level.

On the upside, the 23,300–23,400 zone will now act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 23,400.