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Yesterday, NIFTY opened on a positive note and regained the 22,750 mark in early trade. However, the index remained range-bound throughout the session, trading within a narrow range of 22,650–22,850, and eventually closed just below 22,750.

NIFTY continues to face resistance in the 22,750–22,850 zone, where the 10-DEMA and 20-DEMA are positioned. Therefore, we should remain cautious, and fresh long positions should be considered only on a decisive breakout above 22,850.

On the downside, the 22,400–22,300 zone will act as an important support area. Long positions should be maintained with a protective stop-loss below 22,300.