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On Friday, NIFTY opened on a positive note and jumped above the 23,300 mark. Thereafter, the index started forming higher tops and higher bottoms on the intraday chart and touched a high of 23,389. However, some profit booking emerged at higher levels, and NIFTY eventually closed just below the 23,350 mark.

NIFTY is still struggling to sustain at higher levels; therefore, we should remain cautious. A break below its June low of 23,070 could lead to further weakness, in which case NIFTY may decline towards 22,600.

On the upside, the 23,400–23,600 zone will act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 23,600.