*NIFTY 50 Daily Chart Analysis (Updated with Marked Highs & Lows) Key Observations:*📊📝 As shared chart of Nifty earlier also that Nifty is moving in a *downward channel formation* and today was the most important day for Indian Market to decide the direction of market but if you see today's candle of Nifty opened just near the channel resistance and given closing under the channel itself, it was not able to break the strong resistance of channel. So here comes the question,🤔 *Is there still some weakness in Nifty?* *Has Nifty's downfall not ended yet?* *Will Nifty fall further?* *Downtrend Channel Intact*📉 *1.* The index continues to trade within a clear downward-sloping channel (blue trendlines). *2.* Each attempt to break out from this channel has led to a lower high and lower low formation, confirming the ongoing bearish trend. *Lower Highs and Lower Lows Structure (Bearish Trend Confirmation)* *1.* *Lower Highs:* Marked at multiple points, showing that every bounce is facing selling pressure. *2.* *Lower Lows:* Price is making lower lows, confirming sustained weakness in the index. *Key Moving Averages Acting as Resistance* *1.* *50-day EMA (Green - 23,668):* The price recently tested this level but failed to sustain above it. This indicates it is acting as a strong resistance. *2.* *200-day EMA (Black - 23,611):* The index is hovering near this level, and a decisive move above or below it will determine the next major trend. *Resistance and Support Levels*📊 ✔️ *Immediate Resistance:* 23,668 (50 EMA) and the upper boundary of the descending channel. ✔️ *Immediate Support:* 23,000 psychological level. ✔️ *Major Support:* 22,200–21,800 zone (marked by dotted lines), which was a previous low. *Breakout or Breakdown Possibility* ✔️If NIFTY breaks above 23,668 and sustains, it could attempt to break the downtrend structure, potentially moving toward 24,500–25,000. ✔️If rejected from here, it may resume its downtrend towards 22,000–21,800, which is a critical support zone.