The Nifty 50 continued its downtrend, closing at 23,533, marking its lowest since June 21, and forming a Gravestone Doji candlestick pattern, indicating bearish sentiment. Experts suggest that if the index falls below the 200-day EMA of 23,542, it could target 23,200, while immediate resistance is seen at 23,800. A "sell on rise" strategy is recommended as the index remains in an oversold zone.