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On Friday, NIFTY opened on a negative note and slipped below the 23,400 mark in early trade. The index continued to form lower tops and lower bottoms on the intraday chart. Selling pressure intensified once NIFTY breached the 23,300 level, dragging it down to test 23,100, before it eventually closed just above 23,150.

NIFTY has now tested our short-term target of 23,512 and has also closed below the 23,500 level. The index continues to form lower tops and lower bottoms on the daily chart, indicating sustained weakness. We maintain the next downside target at 22,915.

On the upside, the 23,600–23,700 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 23,700.