Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted a significant challenge currently facing the market: substantial and ongoing Foreign Institutional Investor (FII) selling, which has amounted to ₹93,088 crores as of October 23, according to NSDL data.

He noted that the primary reason for these FII outflows is the high valuations in India, coupled with more attractive and comparatively lower valuations in markets such as China and Hong Kong. Furthermore, ongoing news regarding a slowdown in corporate earnings is intensifying the FII selling pressure.

Anand James, Chief Market Strategist at Geojit Financial Services, commented on the market's recent behavior, stating that the gains observed yesterday were short-lived, particularly as the Nifty approached the 24,650 mark, prompting rejection trades. This shift has placed the Nifty back on a trajectory between 24,200 and 23,900. However, he pointed out that the long wick observed, especially following several days of declines, suggests a considerable potential for recovery attempts. He also mentioned that the oscillators are currently in an oversold position in the short-term time frame.

Looking ahead, James indicated that they have set an initial range of 24,370 to 24,507 to monitor for directional moves, targeting potential increases towards 24,720 to 24,800, or declines towards 24,260 to 24,200 and 23,900 on the downside.