Tech View: 23,350 key hurdle for Nifty; weak trend persists. How to trade on Wednesday

The daily chart continues to display a negative pattern with lower tops and bottoms, indicating a potentially further downward trend. The current upside bounce could lead to another lower-top formation in the short term. If Nifty moves higher, it could face a strong resistance at the recent down gap from January 13 around the 23,350 levels. According to Nagaraj Shetti of HDFC Securities, the near-term trend remains weak, and the bounce could present a sell-on-rise opportunity near 23,350, with immediate support at 23,050 levels.

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