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Nifty ended flat on Tuesday but formed a Doji candle on the daily chart and hinted at the possibility of a minor downward correction in the short term.The index is currently placed at the hurdle of 23,400-23,500 levels (1.382% Fibonacci projection), weekly hanging man and the opening downside gap of June 4, which are weighing high for the market to sustain the new all-time highs. Hence, there is a possibility of a dip in the market. Immediate support is at 23,050 levels, Nagaraj Shetti of HDFC Securities said.Open Interest (OI) data showed on the Call side, the highest OI was observed at 23,400 and 23,500 strike prices. On the Put side, the highest OI was at 23,000 strike price.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanThe hourly momentum indicator has triggered a negative crossover suggesting loss of momentum. Hence, there can be some consolidation in the near term and the Nifty is likely to drift towards 23,160 – 23,100 over the next couple of trading sessions failing to sustain can lead to a fall to 22,930. On the upside 23,420 – 23,500 is the immediate hurdle zone.Tejas Shah, JM Financial & BlinkXNifty is facing a lot of resilience around 23,340-350 levels on an immediate basis and we need to witness a decisive close above 23,340-350 levels for further strength in Nifty. We believe that Nifty will further outperform only if it is able to decisively close above this resistance zone or else profit booking is likely from the current levels. Support for the Nifty is now seen at 23,200 & 22,950-23,000 levels. On the higher side, immediate resistance is at 23,350 levels & the next resistance is at 23,500 Mark.Rupak De, LKP SecuritiesNifty remained sideways during the day as there was no directional move. The sentiment might remain sideways as well until it breaks out of the 23,150-23,350 range. Any decisive breakout on either side might confirm the future direction of the market. On the higher end, above 23,350, it might move towards 23,600. Meanwhile, support below 23,150 is placed at 23,000-22,900.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The equity boom in Indian markets meant that lakhs of investors entered the investing arena, particularly post the pandemic era.This is reflected in the fact that equity investors have realized a profit of Rs 50,000 crore over the last four years and are sitting on unrealized profits of Rs 1 lakh crore on an AUM of Rs 4.5 lakh crore, according to Zerodha's Nithin Kamath."Equity investors have realized a profit of Rs 50,000 crore over the last 4+ years and are sitting on unrealized profits of Rs 1,00,000 crores on an AUM of Rs 4,50,000 crore," Kamath said in a tweet quoting his earlier statement.Kamath had earlier, in a separate tweet acknowledged, the expansion of market post Covid, based on Zerodha's growing assets under management.Indian markets are trading near all time highs following Modi-led NDA's win for the third consecutive time. Despite falling short of expectations, equities took comfort in the hopes of a stable government and policy continuity.On Tuesday, the markets remained range-bound and ended unchanged after a flat start. However, a mixed sectoral trend persisted, with realty and auto sectors edging higher and emerging as top performers, while FMCG, pharma, and banking sectors faced some profit-taking.The broader indices outperformed, with both midcap and smallcap indices gaining over half a percent.Technically, analysts said Nifty is consolidating after a sharp run up of 2,100 points in the range of last week."The hourly momentum indicator has triggered a negative crossover suggesting loss of momentum. Hence, there can be some consolidation in the near term and the Nifty is likely to drift towards 23,160–23,100 over the next couple of trading sessions failing to sustain can lead to a fall to 22,930. On the upside, 23,420–23,500 is the immediate hurdle zone. The broader market witnessed outperformance today with the Mid and Small Cap Index up by 0.81% and 0.55% respectively," said Ajit Mishra – SVP, Research, Religare Broking.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)