Tech view: Nifty forms green candle, eyes breakout above 23,500. How to trade tomorrow

economictimes.indiatimes.com:

Nifty is presently in the process of a new higher bottom formation in the short term.
The near-term uptrend of the Nifty remains intact. The present weakness could end up soon at the lows and another round of upside bounce is likely to resume from the higher lows. However, a decisive upside breakout of 23,500-23,600 levels could open more upside ahead. Immediate support is placed at 23,200 levels, said Nagaraj Shetti of HDFC Securities.

In the open interest (OI) data, the highest OI on the call side was observed at 23,800, while on the put side, the highest OI was at 23,600 strike price followed by 23,700.

What should traders do? Here’s what analysts said:

Praveen Dwarakanath, Hedged.in

Nifty continued its upside journey towards the resistance of the 23,800 level after taking support from the middle of the Bollinger band, indicating strength in the index. The momentum indicators on the hourly chart continue to show positive momentum, indicating bullishness in the index. The index formed a professional gap after yesterday's fall, suggesting the momentum to continue to the resistance at the 23,800 level. Options writer's data for the weekly expiry showed increased writing of puts at the 23,800 and below levels and a short covering in the ITM calls, indicating a bullishness in the index.

Rupak De, LKP Securities

The Nifty has moved up following a falling wedge pattern retest, indicating the possibility of a decent rally in the short term. Additionally, the index has been sustaining above the critical 21EMA on the