it seems wave B of the larger correction is complete and we are in wave C
1. Case 1
We may have completed wave 1 of the larger wave C, and wave 2 is an ABC affair (which seems to be more probable) and is still ongoing. It could potentially rise to 24200. This would mean the market is still in a rising phase before the next impulsive wave begins.
2. Case 2
wave 2 is complete and we are in wave 3 which can go much down.
What to do
If NIFTY goes below 23550 we may be in wave 3 of larger wave C. Below which can go short. otherwise, if it goes above 23800 then we should look for 24200 as our next target.