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On Friday, NIFTY opened on a positive note but failed to cross the 22,800 mark and subsequently started forming lower tops and lower bottoms on the intraday charts. The index slipped below 22,600 and tested 22,400 before recovering and eventually closing around 22,600.

NIFTY continues to trade below the 10-DEMA, which is placed near 22,750; therefore, we should remain cautious. If the index starts trading below 22,400, it could witness further weakness and retest its previous low of 22,200.

On the upside, the 22,800–22,900 zone will act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 22,900.