Nifty Future Analysis

1. Price Action & Trend Analysis

1. The NIFTY Futures has been in a strong downtrend since October 2024, with lower highs and lower lows.
   
2. A black downward trendline is clearly acting as a dynamic resistance, rejecting price multiple times.
   

2. Gann Fan Analysis:

The Gann fan lines are visible, providing different angles of support and resistance.

The key Gann angles to watch:

1. 1/1 Line (Steep Downtrend Line): The price is trending below this, indicating a strong bearish trend.
   
2. 2/1 and 3/1 Lines: These are acting as resistance levels, confirming the selling pressure.
   
3. If price moves above the 1/1 Gann line, a potential reversal could be seen, but as of now, it remains below the bearish zone.
   

3. Volume & Market Sentiment

1. Latest Volume: 9.18M, which is relatively lower compared to 1 week ago (30.2M) but higher than the previous day (7.25M).
   
2. This suggests decreasing participation in the downtrend, which could indicate potential consolidation before the next move.
   

4. Key Support & Resistance Levels

Support Zones:

• 22,200-22,400: Current support based on Fibonacci & previous price action.
  
• 21,600-21,800: Next strong demand zone if selling continues.
  
• 20,800-21,000: Long-term support (historical demand zone).
  

Resistance Zones:

• 23,407-23,500: First resistance (Fib 0.382 & Gann fan level).
  
• 23,800-24,000: Major resistance (Fib 0.618, Gann fan rejection area).
  
• 24,500-24,760: Strongest resistance (Fib 0.75 + supply zone).
  

5. Conclusion & Trading Strategy

1. Bearish Bias: The market remains in a strong downtrend.
   
2. Possible Short Setup: If price breaks below 22,200, the next target would be 21,600.
   
3. Bullish Reversal Above 23,500: A move above this level could shift momentum toward 23,800-24,000.