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The consolidation may persist until the Nifty 50 gives a strong close above 23,400, with support at 23,000. A break of this support could drag it down toward the 22,800 level, according to experts.

The Nifty 50 seems to be in the broader range of 23,000–23,400 levels. Hence, if the index decisively breaks the upper range, renewed buying interest could lift the index toward 23,600, according to experts.

If the Nifty fails to defend 23,000 in the upcoming sessions on closing basis, the selling pressure may extend towards 22,800, the next immediate support, followed by 22,600 being the next support, however, on the higher side, 23,200-23,300 is the hurdle zone, according to experts.

The Nifty 50 consistently faced resistance in the 23,350-23,400 zone. If the index manages to close and sustain above this zone, an upward journey towards 23,600 is possible in the upcoming sessions.

The market needs a strong trigger to get back into consistent positive territory. Hence, until the index trades well below all key moving averages, consolidation in the Nifty 50 may continue, with immediate support at 23,200, followed by 23,050 as crucial support levels.

The Nifty 50 is expected to consolidate, with immediate support at 23,150, followed by 23,050 (January low). In the event of a continuation of the uptrend, the key hurdle is at 23,500, as above this level, the 200-day EMA at 23,680 will be the level to watch, according to experts.

The Nifty 50 is expected to trade in the range of 23,050–23,350 (Monday's low and high) in the near term, while overall sentiment remains in favour of bears until the index closes above all key moving averages, according to experts.

The Nifty 50 needs to close the bearish gap of January 13 by climbing and sustaining above the 23,350 zone for further upward movement towards the 23,500 level (10-day EMA), followed by 23,700 (200-day EMA). However, if it sustains below 23,350, the index may continue consolidation, with support at 23,000, followed by the 22,800 zone, experts said.

A weak Budget parallel to the 2024 July budget could shock the markets, said Divam Sharma.

Sentiment remains bearish, with the index trading well below all key moving averages. However, a rebound cannot be ruled out, as the momentum indicator RSI has approached near-oversold levels. If a rebound occurs, the Nifty 50 may face resistance in the 23,200–23,350 zone, experts said.

If Friday's low (23,350) is broken, the Nifty 50 may test the November low of 23,263, followed by 23,000, which is the key support zone. However, on the upside, the 23,600-23,700 range (Friday's high and the 200-day EMA) is the key zone for bulls to get back into action, experts said.

Any fall below 23,500 can take the Nifty 50 towards 23,300 zone, but sustaining above 23,700 can bring the positivity and take the index towards 24,000 (which is crucial for further strong upward rally), experts said.

In the near term, the Nifty 50 may trade within the 23,500–24,000 range. If the index manages to sustain above 23,700, the immediate resistance is at 23,900–24,000. However, if it falls below this level, 23,500 is the key level to watch, as it coincides with an upward-sloping support trendline, experts said.

Experts suggest that the Nifty's trading range for the next week could be between 23,700 and 24,500.

With the climbing short-term moving averages (10-day and 20-day EMAs) and a rise of 766 points from this week's low, the momentum has definitely strengthened. However, some consolidation can't be ruled out before the index embarks on the next leg of the upmove, experts said.