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On Friday, NIFTY opened on a negative note and slipped below the 23,000 mark in early trade. It continued to form lower tops and lower bottoms on the intraday chart, nearly testing the 22,800 level before finally closing just above it.

NIFTY failed to sustain above the 10-DEMA, placed near 23,325, and continues to form lower tops and lower bottoms on the daily chart, indicating a cautious undertone. The index may retest its recent low near 22,471 in the near term.

On the upside, the 23,300–23,500 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 23,500.