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Yesterday, NIFTY opened on a negative note and fell below the 22,600 mark in early trade. However, the index found support near 22,500 and staged a sharp recovery. It subsequently regained 22,600 and tested 22,750 before eventually closing just below 22,700.

NIFTY continues to face resistance in the 22,750–22,850 zone, where the 10-DEMA and 20-DEMA are positioned. Therefore, we should remain cautious, and fresh long positions should be considered only on a decisive breakout above 22,850.

On the downside, the 22,400–22,300 zone will act as an important support area. Long positions should be maintained with a protective stop-loss below 22,300.