"Nifty 50 Chart Turns Cautious: Downside Risk Builds"

1. **Rising Wedge Breakdown:**

* The index had been trading in a **rising wedge** pattern (purple converging lines).
* A **bearish breakdown** has occurred, suggesting potential for further downside.
* The price broke below the lower trendline with strong red candles and rising volume, validating the bearish move.

2. **Bear Flag Breakdown:**

* A smaller **bear flag** or **descending channel** pattern within the wedge broke down as well, reinforcing bearish sentiment.

3. **Support Zone Tested:**

* Price is currently hovering around a critical **horizontal support zone** between **24,081 – 24,240**, marked with black lines.
* The index is sitting just above this zone, and a clean break below could accelerate selling.

4. **Long-Term Uptrend Line:**

* A longer-term ascending trendline lies just below the current price (\~24,050 area).
* This could act as **last-resort dynamic support** before a larger correction.

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* **Immediate Resistance**:

* 24,240 – Minor horizontal resistance
* 24,400 – Former support now turned resistance

* **Immediate Support**:

* 24,081 – Horizontal support
* 23,900–24,000 zone – Next key demand area
* 23,700 – Long-term trendline & psychological support

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**Volume Analysis:**

* Recent volume spike on red candles indicates **stronger participation from sellers**.
* Bearish momentum is likely to continue unless volume dries up and bullish candles appear at support.