NIFTY BREAKS SUPPORT

Recently, the NIFTY has been consistently reaching new highs, but today it broke below the previous day's low and the critical level of 22400. The next support is at 22338. If this level is breached under selling pressure, we could see levels between 23200 and 23000. Post Monday, NIFTY will likely reach a confirmation level; until then, it is advisable to reduce positions. One may consider buying after an uptrend is confirmed, but until then, reducing long positions is recommended.