The positional trend and the overall trend has been down, but we need to see whether this 23,500 is holding on closing basis or not because the FIIs long to short ratio has reached to the oversold territory in the index future.
FIIs dump Indian stocks for 10th straight week as markets slide: Is the worst over or more pain ahead?
The Nifty 50 declined in all four sessions of the holiday-shortened week, hitting an intraweek low of 22,372 on Friday before closing 2.4% lower at