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Yesterday, NIFTY opened on a positive note, but after making a high near 23,500, it failed to sustain at higher levels and witnessed sharp profit booking. The index found support near 23,250 in early trade and bounced back strongly to make a high of 23,582. However, selling pressure resurfaced once again, and NIFTY eventually closed just above 23,400.

NIFTY continues to form lower tops and lower bottoms and remains below the 20-DEMA, indicating that the near-term trend remains weak. On the downside, a sustained move below 23,350 could extend the correction towards 23,106, which corresponds to the 61.8% retracement of the recent up-move.

On the upside, the 23,800–23,900 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 23,900.