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Yesterday, NIFTY opened with a sharp downside gap and slipped below the 23,200 mark. After a brief phase of consolidation, selling pressure resumed in the afternoon session, dragging the index to test the 23,000 level. It eventually closed just above 23,000.

NIFTY failed to cross the 10-DEMA, placed near 23,925, and continues to form lower tops and lower bottoms on the daily chart, indicating a cautious outlook. Fresh long positions should be considered only on a decisive breakout above 23,900.

On the downside, a sustained move below 23,000 could lead to further weakness, with the index potentially testing the 22,500 level.