Nifty Analysis (Study Purpose Only)

1. Trend Analysis:
The chart shows a clear downtrend, indicated by the descending white and yellow trendlines.
Lower highs and lower lows (consistent bearish structure).
2. Key Levels:
Resistance Zone (23,200 region): Highlighted with a yellowish band; price faced rejection here before continuing downward.
Current Support (22,959 - Yellow Line): Price is hovering just above this key level, which is acting as immediate support.
3. Potential Scenarios:
📉 Breakdown: If the price breaks below 22,959, it may head towards the lower support zone near 22,725-22,655 (brownish area).
📈 Bounce: If it holds the support, a retest of the previous resistance around 23,200 is possible.
4. Long-Term Support:
The purple trendline at the bottom represents a longer-term support level around 22,585, which may act as a major demand zone.