The Nifty index is anticipated to trade within a 23,500–24,800 range as analysts cite ongoing geopolitical tensions and elevated oil prices as limiting factors for gains. Recent price action suggests a near-term bottom around 22,000, with 23,555–23,153 acting as a strong demand zone. A positive crossover in the RSI-Smooth oscillator indicates potential resilience amidst intra-week volatility. However, a clear upward trend will require a breakout above 24,600. Analysts recommend a 'vanilla buy call' strategy for the May 12 expiry, suggesting buying the out-of-the-money 24,400 call option on dips. Key stock recommendations include ITC, which has broken out of a consolidation phase, and Tube Investments, which is forming a higher high–higher low structure. Overall, the market sentiment remains cautious, with immediate support at 23,500 and resistance at 24,800.