Nifty opened on a positive note and continued its bullish momentum, but the index saw profit booking in the last hour. Finally, the index settled the day on a positive note at 23,519 levels. The volatility index India Vix surged by 3.26% to 15.66, indicating a rise in market volatility.Technically, index on a daily scale has formed a doji candle, indicating uncertainty. The high of the doji candle is approaching the 23,780 level.The 23,780-23,800 range will serve as critical resistance for the index. On the downside, the 50-weekly simple moving average (WSMA) is placed near 23,300, which will provide short-term support for the index. Overall, the short-term trend is down till index remains below 23,800, said Hrishikesh Yedve of Asit C Mehta Investment Intermediates.In the open interest (OI) data, the highest OI on the call side was observed at 23,500 and 23,600 strike prices, while on the put side, the highest OI was at 23,500 strike price followed by 23,400.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanNifty closed in the positive up 65 points however well off the intraday highs indicating an inability to sustain at higher levels. The 40-hour average (23,733) acted as a strong resistance and until the index manages to sustain above it, we shall maintain a negative stance. The hourly momentum indicator has completed a pullback cycle to the equilibrium line suggesting that the pullback is over and is likely to resume the next leg of the decline. On the downside, we are expecting 23,180, which coincides with the 61.82% Fibonacci retracement level.Rupak De, LKP SecuritiesThe Nifty remained volatile throughout the session due to a sudden spike in geopolitical tensions between Russia and Ukraine, causing the index to fall below its 200-day moving average (DMA) once again. On the technical front, the Nifty managed to hold above its recent low, indicating a potential bullish reversal as long as it does not breach the 23,350 level. Conversely, if the index sustains above the 23,500 level, it could move toward the 23,700–23,800 zone.Tejas Shah, JM Financial & BlinkXPresently, Nifty is respecting or finding support around the 200 Day Moving Average, which is currently placed at around 23,500 Mark (+/- 50 points) & (around 77,300 on the Sensex). Support for Nifty is now seen at 23,350 and 23,200. On the higher side, the immediate resistance zone for Nifty is at 23,600-650 levels and the next resistance is at around 23,800 Mark. Overall, Nifty is likely to remain volatile within the 23,200–23,800 range in the near term.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)