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Yesterday, NIFTY opened on a positive note and moved above the 23,700 mark in early trade. However, it failed to sustain at higher levels and started forming lower tops and lower bottoms on the intraday chart. Selling pressure intensified as the index slipped below the 23,500 mark, eventually closing below 23,400.

NIFTY continues to form lower tops and lower bottoms and is trading below both the 10-DEMA and 20-DEMA, which are positioned in the 23,700–23,800 range. This indicates a cautious near-term outlook. Fresh long positions should be considered only on a decisive breakout above 23,800.

On the downside, NIFTY may retest its recent low near 23,262. A sustained move below this level could extend the decline towards 23,150.