NIFTY : Bearish Trend, but a Bounce Might Be Coming

NIFTY has been trending lower, with sellers clearly in control. However, it looks like the market is taking a breather, and there’s a chance for a short-term bounce before the downtrend continues.

What’s Happening?
1. Resistance Zones:
- 23,770: This is the first hurdle for the price to cross. Sellers have been strong here.
- 23,833 and 23,935: If 23,770 breaks, these are the next levels where selling pressure might kick in.

2. Support Levels:
- 23,439: The first key level where buyers could step in.
- 23,303: A stronger support zone if the decline deepens.

3. Trendline Resistance:
There’s a clear downward trendline acting as a ceiling, making it hard for the price to move higher.

4. Current Setup:
The price is hovering around 23,629 after a sharp drop. It feels like the market is pausing to decide its next move. A bounce toward 23,770 looks possible, but the bigger picture still leans bearish.

How to Trade This:
- If you’re bullish:
Watch for a breakout above 23,770 with good buying momentum. If it happens, there’s room for the price to climb to 23,833 or even 23,935.

- If you’re bearish:
Look for the price to struggle near 23,770 or start falling again. That could be your signal to go short, with targets at 23,439 and 23,303.

Bottom Line:
The market still looks weak, but there’s a chance for a small bounce before sellers take control again. Keep an eye on how the price behaves around 23,770—it’ll tell us whether buyers are gaining strength or if the downtrend is here to stay.

What do you think? Are you leaning bullish or bearish? Share your thoughts in the comments!

Only for educational purposes.
This content is not a recommendation to buy and sell.
Not SEBI REGISTRAR.