On the daily chart, the Nifty index on Thursday displayed follow-up buying after the previous session’s bounce from lower levels but struggled to sustain higher levels. This pattern suggests that selling pressure persists at elevated levels, reflecting a lack of conviction among buyers.A breakdown below the immediate and crucial support at 23,000 could intensify selling pressure, potentially dragging the index toward the 22,800–22,500 range. On the upside, immediate resistance is observed at 23,300, followed by a critical hurdle near 23,500. A sustained close above these resistance levels is crucial to negate the prevailing bearish sentiment and confirm a bullish reversal, said Hardik Matalia of Choice Broking.Given the heightened market volatility, Matalia advised the traders to remain cautious and implement strict stop-loss measures to protect their capital. He also recommended avoiding overnight long positions until the index decisively trades above the 23,500 mark to manage risks effectively in the current market environment.According to the open interest (OI) data, the highest OI on the call side was observed at 23,200 and 23,300 strike prices, while on the put side, the highest OI was at 23,200 strike price followed by 23,100.What should traders do? Here’s what analysts said:Jatin Gedia, Mirae Asset SharekhanOn the daily charts, we can observe that the Nifty is trading in the range of 23,420 – 23,000 for the last three sessions. Bollinger bands are contracting indicating rangebound price action going ahead. A breach of the range on either side shall set the trend in that direction. Daily and hourly momentum indicators have a positive crossover, which is a buy signal. However, prices do not show corresponding strength. Thus, a decisive range breakout is required for a move to develop until then the rangebound price action is likely to continue.Rupak De, LKP SecuritiesFollowing a positive start, the trading session on Thursday remained muted, with the index showing limited movement. It failed to break above the 50 EMA on the hourly chart, indicating selling pressure at higher levels. The bearish trend is likely to persist as long as the index stays below 23,400. On the downside, support levels are observed at 23,150 and 23,000.Nagaraj Shetti, HDFC SecuritiesThe bearish lower tops and bottoms are intact and the current pullback rally could possibly open another lower top formation in the short term. The broader high-low range remains intact around 23,400-23,000 levels. Having bounced back from the lower range, the Nifty could move up gradually towards the upper range of 23,400 levels in the near term. A decisive move above 23,400 levels could open renewed buying enthusiasm in the market and immediate support is placed at 23,000 levels.Satish Chandra Aluri, Lemonn Markets DeskBenchmark indices ended higher after a volatile session helped by a rebound in the last hour of trading, led by gains in IT and HDFC bank after the earnings release. Technically, Nifty 50 regained the 23,200 level after testing and taking support at the crucial 23,000 level. Expect 23,400- 23,500 to act as near-term resistance on the upside.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)