Nifty under pressure; 23,000 break sparks further concern: Analysts

DHARMESH SHAH, HEAD OF TECHNICAL RESEARCH, ICICI SECURITIES and other analysts at various firms have provided insights into the potential direction of the Nifty index. They suggest a possible pullback to 23,800 but warn of a prolonged correction if it fails to establish a "higher high–higher low" pattern on weekly charts. Analysts cite historical data and support levels based on past market trends. RAHUL SHARMA, HEAD - TECHNICAL & DERIVATIVE RESEARCH, JM FINANCIAL SERVICES suggests investors consider adding Nifty ATM puts near 23,000 for downside targets. DHUPESH DHAMEJA, DERIVATIVES ANALYST, SAMCO SECURITIES advises a sell-on-rise approach near 22,900–23,000 with a stoploss above 23,100 and suggests a Bear Call Spread strategy for potential upside.