Nifty Testing Major Fibonacci Confluence Zone – Possible Shakeou

Nifty has recently retested a key Fibonacci retracement level, which coincides with a well-defined supply zone on the higher timeframe. The price action suggests strong resistance absorption in this area, followed by a period of sideways consolidation — often a precursor to a decisive move.

Unlike previous market cycles, the Indian indices are showing relative strength and reduced correlation with US markets, indicating a potential domestic-driven breakout scenario.

A short-term shakeout or liquidity hunt cannot be ruled out before the index establishes a clear direction. If the current structure holds, we could see a one-sided rally towards the 32,488 zone in the upcoming sessions.

📊 This is my personal technical view, not financial advice.
⚠️ I am not a SEBI-registered analyst. Please do your own research and risk assessment before taking any trades.