A long bear candle was formed on the Nifty daily chart that was placed beside the long bull candle of Thursday. Technically, this pattern indicates a profit booking in the market after a stellar rise on Thursday. Nifty is currently placed near the support of 23900 levels, which is halfway to a long bull candle of Thursday and also support as per change in polarity.On the weekly chart, a reasonable bull candle was formed with upper and lower shadows, which indicates a high wave type candle formation. The near-term uptrend remains intact for Nifty. A decisive move above Thursday's high (24,226) could open renewed buying participation towards 24,400-24,500 levels. Immediate support is around 23,930-23,840 levels, said Nagaraj Shetti of HDFC Securities.In the open interest (OI) data, the highest OI on the call side was observed at 24,200 and 24,100 strike prices, while on the put side, the highest OI was at 24,000 strike price followed by 23,900.What should traders do? Here’s what analysts said:Hrishikesh Yedve, Asit C. Mehta Investment InterrmediatesTechnically, on the daily chart, the Nifty formed a red candle, indicating profit booking, while on the weekly chart, it formed a green candle, indicating overall strength. The index continues to hold above the 200-Day Simple Moving Average (200-DSMA), which is currently placed near 23,900. Additionally, it remains above the breakout zone of the short-term consolidation range 2of 3,500–23,900. As long as the index maintains above 23,900, a buy-on-dips strategy is recommended for Nifty.Rupak De, LKP SecuritiesThe Nifty was unable to break above the 50 EMA on the daily timeframe, resulting in a market correction. However, sentiment remains positive as the index closed above 24,000. The RSI shows a bullish crossover. On the upside, the index may rise towards 24,200–24,220, with a break above 24,220 potentially pushing it to 24,500. Conversely, a decisive move below 24,000 could lead the index towards 23,700.Jatin Gedia, Mirae Asset SharekhanOn the daily charts, we can observe that the Nifty has faced resistance in the zone 24,180 – 24,200 zone which coincides with the 20 and 40-day moving averages. On account of the correction, the Nifty is now approaching the support zone of 23,940 – 23,900 which coincides with the key hourly moving averages and potential uptrend resumption zone. The daily momentum indicator has a positive crossover which is a buy signal and all intermediate corrections should be considered as buying opportunities. Dips towards support zone 23,940 – 23,900 should be considered as a buying opportunity for an immediate target of 24,415. Structure weakens below 23,800.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)