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On Monday, NIFTY opened on a negative note and started forming lower tops and lower bottoms on the intraday charts. Profit booking intensified during the afternoon session when the index slipped below the 23,000 mark. NIFTY continued to decline and eventually closed below 22,900.

NIFTY witnessed profit booking in the previous session. However, it is still trading above both the 10-DEMA and 20-DEMA; therefore, we maintain a bullish view on the index. The immediate upside target remains 23,170, which corresponds to the 38.2% Fibonacci retracement level of its entire decline from 24,774 to 22,179.

On the downside, the 22,900–22,800 zone will act as an important support area. Therefore, long positions should be maintained with a protective stop-loss below 22,800.