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From a technical perspective, the market is consistently facing selling pressure at higher levels and is forming lower tops on daily charts, which is negative.

Technically, the levels of 23,000 and 23,050 would serve as key resistance areas, while 22800 and 22,750 could act as important support zones. If it falls below 22,750, selling pressure may intensify that could send market to 22600 levels. The strategy should be to reduce weak long positions around 23000-23050 levels, however, during the week if it falls to 22600 then we should look for buying select stocks with a medium to long-term view.

Regarding Bank Nifty, as long as it remains below 49000, weak sentiment will likely persist. On the downside, it could decline to the 47,500-47,200 range. However, if it rises above 49,000, there could be a rebound to the 20-day Simple Moving Average (SMA) or up to 49,500.