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Nifty commenced the new month on a pessimistic note, slipping below the crucial 23,500 support level and closing near the 23300 zone. The prevailing trend remains in a consolidative-to-corrective phase, as the breach of key support was accompanied by incremental volumes, indicating sustained selling pressure. From a momentum standpoint, the daily RSI has slipped below the 50 mark and continues to trend lower, reflecting weakening strength. Immediate support is now placed at 23300, followed by 23105, which aligns with the key retracement level of the April rally from 22182 to 24602. Additionally, the index still carries an unfilled gap near 22719, which remains a potential downside magnet. Failure to recover above 23800 during the week could accelerate the decline toward this gap zone. The broader market structure also remains weak, with Nifty trading below its 50 DEMA, which now acts as a critical resistance near 24000. Sustaining above this level is essential for any meaningful shift in sentiment. On the downside, if the index fails to establish a firm base around immediate supports, further weakness toward the 22800 zone during this month cannot be ruled out. Overall, while near-term uncertainties persist, stability around key levels combined with improving broader market strength could support a cautiously optimistic outlook. Investors are advised to remain disciplined and adopt a level-based trading and investment approach

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