NIFTY Technical Breakdown – Rising Wedge Pattern

🔻 NIFTY Technical Breakdown – Rising Wedge Pattern

The Nifty 50 has broken down from a rising wedge pattern on the daily timeframe, a bearish reversal formation that often signals distribution at the top.

📉 Key Observations:


Rising wedge breakdown after extended rally

RSI bearish divergence confirming weakness

MACD crossover turning negative

Volume gradually decreasing during the rise, indicating exhaustion

ADX flattening, showing weakening trend strength


📌 Support Levels to Watch:

23,783 – Key swing support

22,798 – Previous breakout zone

📌 Sectoral Rotation:

Defensive sectors like Pharma & FMCG are gaining strength

FII selling pressure, rising DXY, and global uncertainty continue to weigh on sentiment

⚠️ Outlook:
Caution warranted in the short term. Watch for sustained close below 24,900 for further downside confirmation. Macro and global cues to play a key role ahead.

💬 What’s your view on Nifty's near-term direction?

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