Tue Nov 05 17:38:11 UTC 2024: ## Nifty Index Faces Short-Term Downtrend, Support at 23,500: Analyst
**MUMBAI, INDIA** – The Nifty index is facing a downward trend in the short term, with potential for further weakness, according to Nagaraj Shetti of HDFC Securities. The next key support level to watch is around 23,500, aligning with the 200-day Exponential Moving Average (EMA).
Shetti predicts that any rebound from this level is likely to encounter strong resistance near 24,200. Investors are advised to remain cautious and monitor the market closely.
First Piper 