A long negative candle was formed on the Nifty daily chart on Tuesday, placed near the recent swing low of 4th November around 23,816 levels. Technically, this pattern indicates a lack of strength in the market to sustain the upside bounce. The short-term trend of the Nifty continues to be weak. A slide below 23,800 levels could open the next downside target of around 23,500 levels (200-day EMA) in the near term. Immediate resistance is at 24,050 levels, said Nagaraj Shetti of HDFC Securities.Negative chart patterns like lower tops and bottoms are intact on the Nifty daily chart. Having declined from the new lower top of 24,537 levels, the odds of a new lower bottom formation is likely below 23,800 levels in coming sessions, Shetti added.In the open interest (OI) data, the highest OI on the call side was observed at 24,000 and 24,100 strike prices, while on the put side, the highest OI was at 23,800 strike price followed by 23,900.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanNifty opened on a positive note. However, it could not sustain at higher levels and witnessed profit booking. It closed in the negative down 258 points. on the daily charts, we can observe that the Nifty has decisively broken the narrow consolidation range (24,000 – 24,350) on the downside suggesting a resumption of the fall. The index is likely to drift towards 22,534 (200-day moving average). On the upside, 24,250 shall act as an immediate hurdle from short-term perspective.Rupak De, LKP SecuritiesThe Nifty slipped from its recent consolidation on the daily chart, indicating growing pessimism in the market. The index has been holding below key short-term moving averages, specifically the 21-EMA and 50-EMA, further weakening sentiment. The daily RSI is declining, accompanied by a bearish crossover. In the short term, the index may move towards the 23,600–23,650 range, while resistance on the higher end is seen at 24,000.Tejas Shah, JM Financial & BlinkXThe candlestick (Bearish Belt Hold) pattern formed on the daily chart is not an encouraging one. The bears are in full control of the markets at the current juncture and are using every pull-back rally to create short positions. We believe that the 23,800 level should provide some support and once broken on a closing basis could open the doors for the next support zone of 23,500-550. Support for Nifty is now seen at 23,775-800 and 23,500. On the higher side, immediate psychological resistance for Nifty is at 24,000 Mark and the next resistance is at 24,275-300 levels.Praveen Dwarakanath, Hedged.inNifty continued its fall from its resistance at 24,500 levels. The momentum indicators on a weekly and daily chart continue to show a further fall in the index. The index has closed very near its critical support at the 23,800 level. A close above the support can trigger short covering in the 24,000 puts of November-end expiry, making the index fall quickly towards 23,500 and then to 23,000 levels. Options writer's data for the present week's expiry showed increased writing in calls above the 24,000 level, indicating the index is likely to close below this level for Wednesday's expiry.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)