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Yesterday, NIFTY opened on a negative note and slipped below the 23,700 mark in early trade. However, it found support near 23,550 and staged a sharp recovery, reclaiming the 23,800 level. The index failed to sustain at higher levels, and selling pressure resurfaced in the last hour of trade, eventually closing just above 23,600.

NIFTY continues to form lower tops and lower bottoms on the daily chart, indicating a cautious outlook. We maintain an immediate downside target of 23,512, which represents the 61.8% retracement of the entire rally from 21,743 to 26,373. If the index starts trading below 23,500, the decline could extend towards 22,950.

On the upside, the 24,000–24,250 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,250.