Nifty 50 Analysis: Breakdown from Uptrend – Bearish or Reversal?

( Study Purpose Only ) My analysis of the Nifty 50 Index chart you shared:

Trend Analysis:
1) Uptrend Channel (Purple Lines)

-The index was moving in a strong uptrend channel until it peaked near 26,000.
-This channel was providing support and resistance levels.

2) Breakdown from the Channel

-The price has broken below the lower trendline of the ascending channel.
-This suggests a trend reversal or correction.

3) Descending Triangle Formation

A new descending channel is forming (marked by sloping purple lines).
Lower highs and lower lows indicate a bearish trend.

Support and Resistance:

Resistance: Around 23,500 - 24,000 (previous support turned resistance).
Immediate Support: Around 22,800 - 23,000.
Major Support Zone: 21,500 - 22,000 (if the downtrend continues).

Possible Scenarios:
Bearish Scenario (More Downside)

If Nifty breaks below 22,800, it could slide towards 21,500 - 22,000.
Confirmation of a bearish trend if price stays below the descending channel.

Bullish Reversal

If Nifty bounces from support and breaks above 23,500 - 24,000, it could resume an uptrend.
A breakout above the descending channel could lead to a retest of 25,000+ levels.

Conclusion:
Short-term trend: Bearish (as per the descending channel).
Medium to long-term trend: Bullish unless key supports break.
Watch for volume confirmation and global market cues.