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Yesterday, NIFTY opened on a positive note and started the session above the 23,350 mark. Thereafter, the index formed higher tops and higher bottoms on the intraday charts, tested 23,450 during the day, and eventually closed just below 23,450.

NIFTY has regained the 10-DEMA, which is placed near 23,430. However, we should remain cautious as the index continues to face strong resistance in the 23,400–23,600 zone. Therefore, aggressive long positions should be considered only on a decisive breakout above 23,600.

On the downside, the 23,350–23,300 zone will act as an important support area. If NIFTY starts trading below 23,275, it could once again test the 23,120 level.