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Yesterday, NIFTY opened on a positive note but remained range-bound throughout the session, trading within a narrow range of 23,175–23,275. The index eventually closed just above the 23,200 mark.

NIFTY is still struggling to sustain at higher levels; 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.