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Yesterday, NIFTY started the day on a negative note and fell below the 22,700 mark. In the afternoon session, selling pressure intensified, and the index slipped to test 22,550 before eventually closing just above 22,600.

NIFTY could not sustain above the 10-DEMA, which is placed near 22,800; therefore, we should remain cautious. The 22,500–22,400 zone will act as an important support area. Long positions should be maintained with a protective stop-loss below 22,400.

On the upside, the 22,800–22,850 zone will act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 22,850.