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Yesterday, NIFTY opened on a positive note, but it couldn't sustain above the 22,300 mark and fell sharply in the afternoon session. The selling intensified when NIFTY breached the 22,100 mark, finally it ended below 22,000. NIFTY has fallen below the 50-day exponential moving average (50DEMA) and is still forming lower highs and lower lows. Therefore, we maintain a cautious approach and target 22,710. Below 22,700, it may test its 100-day exponential moving average (100DEMA) near 21,625. On the upside, the range of 22,300 to 22,400 will serve as significant resistance.