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Yesterday, NIFTY opened on a negative note and fell below the 23,000 mark in early trade. Thereafter, the index continued to form lower tops and lower bottoms on the intraday charts and slipped to test the 22,800 level before eventually closing below it.

NIFTY broke the key support of 23,000 and tested our previously mentioned target of 22,760. The index continues to form lower tops and lower bottoms, 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 23,000–23,200 zone will now continue to act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 23,200.