The Nifty index has been trading in a downtrend for the past few weeks, but it is now showing signs of taking support at a key trendline. This trendline has acted as support for Nifty in the past and appears to be holding up once again.
However, it is important to note that a break below the trendline support could lead to further downside for Nifty. As always, traders should manage risk appropriately and use stop losses to protect against potential losses.
Overall, the current technical setup suggests that Nifty is taking support of the trendline and may be setting up for a potential reversal in the near term.