"Nifty 50 Near Resistance: Wedge Signals Reversal or Breakout"

1. Trend Channel: The index is moving within a well-defined **upward sloping channel**, marked by two parallel purple trendlines.
* Price is currently hovering near the **upper boundary** of the broader ascending channel — a potential area for either breakout or rejection.

2. Short-Term Rising Wedge: A narrow rising wedge is visible (formed with tighter converging trendlines in the last few candles).
* Rising wedges are generally considered bearish reversal patterns, especially near resistance zones, suggesting potential for a pullback.

3. Resistance Levels: 25,031.30 : Immediate resistance (recent high & wedge upper boundary). A breakout above this could lead to a strong bullish continuation.
Upper channel trendline: Around 25,050–25,100 zone — further confluence resistance.

4. Support Levels: 24,982.55 Near-term support (bottom of the wedge structure). A breakdown below this level confirms wedge breakdown.
24,767.50 : Strong horizontal support from prior consolidation zone.
24,561.90, 24,407.75, and 24,272.20 : Sequential key support levels for downside targets if a breakdown accelerates.

**Volume Analysis:**

1. Volume Spike seen during the recent bullish candles, indicating strong buying interest. However, during the formation of the wedge, volume has declined, signaling weakening momentum— a typical precursor to a breakout or breakdown.

Possible Scenarios:

Bullish Scenario:
Break above 25,031.30 with volume could initiate a **fresh leg of uptrend**, possibly targeting the upper end of the channel (\~25,100+).

Bearish Scenario:
Breakdown below 24,982.55 from the wedge pattern could trigger a **short-term correction**, with immediate targets at 24,767.50 and 24,561.90.

The bearish divergence between price action and declining volume further supports this view.