The 23,500-23,540 range serves as an immediate support zone for the index. A decisive break below 23,500 could lead to a further drop to the 23,300-23,200 levels, where trend line support exists. While the short-term trend remains down, a pullback rally is possible if Nifty holds above 23,500, according to Hrishikesh Yedve of Asit C. Mehta Investment Intermediates.
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