Pre-market action: Here's the trade setup for today's session

Nifty faces immediate resistance at its 50-DMA around 23,720, with a breakout potentially opening a rally towards 24,000; key support sits at 23,500 and a double-bottom at 23,070. India VIX fell 6% to 14.72, signaling easing fear, while FPIs net sold Rs 1,082 crore and DIIs were net buyers at Rs 5,341 crore. The rupee strengthened to 95.11 per dollar on US-Iran peace optimism and a sharp drop in crude oil prices.