The market is currently facing pressure due to the continuous decline of the Nifty index for seven consecutive days. It recently fell below the 23,500 mark and the 200-day Exponential Moving Average (DEMA).

Analysts predict that if the index remains below 23,500, it could further drop to 23,200, which aligns with the 50-week EMA. They also anticipate resistance in the 23,600-23,700 range. It is suggested that until the index can rise and sustain levels above key moving averages, the prevailing trend is likely to be bearish. Therefore, investors are advised to closely monitor these critical levels in the current market conditions.