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Yesterday, NIFTY started the day on a negative note and fell below the 22,700 mark in early trade. The index slipped further to test 22,600, before witnessing some recovery during the day and eventually closing just above 22,700.

NIFTY 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 22,900–23,000 zone will continue to act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 23,000.