Nifty opened on a flat to negative note, saw considerable selling pressure, and concluded the day on a negative note around 23,350 levels. The volatility index India Vix surged by 2.09% to 15.99, indicating a rise in market volatility.Technically, the Nifty on a daily scale has formed a red candle, indicating weakness. However, the index has respected the 50-weekly simple moving average (WSMA), which is placed near 23,300 and the short-term trend line support which is placed near 23,200. As long as the index holds 23,200, a short-term relief rally could be possible. Overall, the short-term trend will remain down till the index remains below 23,800, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.In the open interest (OI) data, the highest OI on the call side was observed at 23,350 and 23,400 strike prices, while on the put side, the highest OI was at 23,350 strike price followed by 23,300.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts, we can observe that the Nifty witnessed follow-through selling pressure from the previous trading session. It has breached the low of 23,350 and is now heading towards 23,180. On the upside 23,500 which is the 20-day moving average shall act as an immediate hurdle zone from short-term perspective.Rupak De, LKP SecuritiesFollowing a weak start, Nifty traded within a narrow range throughout the day. The index remained below the 200-DMA, indicating persistent weak sentiment in the market. The RSI indicator has reentered a bearish crossover, further supporting the negative sentiment. In the short term, sentiment remains weak, with support placed at 23,200. A fall below this level could trigger a correction in the market. On the upside, resistance is placed at 23,550; a decisive move above this level might induce a rally in the market.Praveen Dwarakanath, Hedged.inNifty broke its immediate support at 23350 levels and made a low of 23263, indicating the continuing weakness. The momentum indicators on the weekly chart continue to show weakness in the index. The index recovered almost 100 points from its day's low, which may be indicating another dead cat bounce. Any bounce becomes an opportunity to sell the index. Options writer's data for the monthly expiry showed an increase in the puts at the 23300 level, however, 23500 put writers have not yet covered their positions, which is also indicating a possible small bounce in the index.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)