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The Nifty index formed a red candle on the daily chart on Wednesday and has remained below the 100-day exponential moving average (100-DEMA), indicating weakness. However, currently, the index is placed near the lower end of a consolidation zone.If the index manages to hold Wednesday's low of 24,150, a pullback to 24,350 is feasible; however, for a substantial up move, the index must sustain above the 100-DEMA, which is placed near 24,360. As long as the index is below 24,360, traders should adopt a cautious approach, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.Open interest (OI) data reveals significant call writing at 24,300 and 24,400 strikes, indicating resistance. Meanwhile, heavy put writing at 24,200 and 24,100 suggests strong support levels.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts, we can observe that the Nifty is broadly consolidating within a range of 24,100 – 24,350 since the last three trading sessions. We expect this consolidation to continue as the hourly momentum indicator still has a negative crossover and the still away from the equilibrium line. On the downside, 24,160 – 24,140 is a strong support zone. On the upside, 24,350 – 24,400 is the immediate hurdle.Rupak De, LKP SecuritiesNifty witnessed selling pressure during the day, leading to a close below 24,200. The sentiment appears weak and could worsen if the Nifty sustains below 24,200. A decisive fall below 24,200 may trigger a correction towards 23,850 in the short term. On the upside, 24,400 is likely to act as resistance.Praveen Dwarakanath, Hedged.inNifty traded below its 20 EMA, suggesting a weakness in the index. The index tested its crucial support at the 24,200 level and held the support. In Wednesday's fall, however, the support looks weak for now. The index will likely move towards its next support at the 23,800 level as soon as the support at 24,200 is broken. The RSI on the weekly chart shows a break in momentum, indicating weakness in the index to continue. Options writer's data for the monthly expiry showed increased writing of the calls at the 24,200 and above levels, suggesting weakness in the index.Nagaraj Shetti, HDFC SecuritiesA reasonable negative candle was formed on the daily chart with an upper shadow, which indicates a sharp reversal in the market after the upside bounce. The last three sessions' weakness has changed the sentiment of the market to the downside and the bullish chart pattern like higher tops and bottoms is on the verge of negation. This is not a good sign. The short-term trend of Nifty seems to have reversed. The next lower supports to be watched are around 24,000-23,900 (opening upside gap of 25th Nov) in the short term. Immediate resistance is placed at 24,350-24,400 levels.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)