Nifty have corrected sharply in the recent past and is now hovering near strong support area of 23500-23800 on the daily charts. The overall trend of the index remains sell on rise in the short-term period with resistance placed around 24300-24400 on the higher side. Traders should take a cautious approach on the markets till the index is not crossing above 24400 on the daily charts. Bank Nifty have also been in the selling spree from last couple of sessions and have drifted below key support area of 57000 on the daily charts. The overall trend of the index seems to be bearish and sell rise on rise strategy should be adopted by the traders till it is not closing above 57200 on the short-term basis. The global markets are weak tracking the development in the middle east followed by heavy volatility in the crude oil prices. The sentiment on the street will remain extremely cautious till it is trading below yesterday’s low on the charts.

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