A long bear candle was formed on the Nifty 50's daily chart, as the index breached its 20 DEMA in today's session, which indicates a downside breakout of the range movement of the last few sessions. The huge opening upside gap of 25th November has been filled and the Nifty closed around the gap support of 23,900 levels.On the downside, the index will find immediate support near 23,800, followed by 23,560, which is the 200-Days exponential moving average (DEMA) support level. The index is still facing strong resistance near 24,350-24,360 levels. As long as the index persists below 24,360, traders should focus on booking profits on the bounce and wait for a fresh breakout, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.In the open interest (OI) data, the highest OI on the call side for 5th November expiry 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, SharekhanOn the daily chart, we can observe that the consolidation of the last three trading sessions has broken down and filled the gap area formed on the 25th Nov between 23,950 – 24,150. Crucial retracement levels are placed at 23,935 – 23,807 which is likely to act as a strong support zone and potentially an uptrend resumption zone. Overall, the trend remains positive, and we expect the Nifty to resume its upmove towards 24,400.Rupak De, LKP SecuritiesThe Nifty slipped sharply during the day, falling below the crucial support level of 23,940. The sentiment looks weak, and further weakness seems possible from here. On the daily chart, the index has closed a gap it created recently. In the short term, if the Nifty falls below 23,870, it might continue declining toward 23,500. However, if it sustains above 23,870 and does not make a lower low, it could witness a sharp recovery toward 24,200 and higher.Nagraj Shetti, HDFC SecuritiesAfter the formation of a series of lower tops and bottoms during its down trend over the last two months, the Nifty is now expected to form a new higher bottom in the near term. The sharp upside bounces from the recent lower bottom of 23,263 is signaling a chance of higher bottom formation below 23,900 levels.Tejas Shah, BlinkX & JM FinancialThe Nifty formed a long bearish candle on the daily chart, which is a negative sign. The broader markets outperformed as compared to the mainline indices. The Nifty once again respected the resistance level of 24,350 and fresh selling pressure was witnessed after testing the same. Support for Nifty is now seen at 23,750-800 and 23,500-550. On the higher side, the immediate resistance zone for Nifty is at 24,000-050 levels and the next resistance zone is at 24,300-350 levels. Overall, it would be interesting to see whether follow-up selling occurs today or not.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)