Nifty Market Update

Nifty is testing a key support level, the same zone from which it bounced back on January 27. While a short-term upward movement is possible, this should not be mistaken for a bullish reversal.

🔹 The overall structure remains weak as Nifty has been forming lower lows since September 2024. Given this uncertainty, fresh long positions should be avoided until a clear trend emerges.

🔹 Patience is key—it's better to wait a few weeks or months rather than enter trades in an unpredictable market.

🔹 Last week, many traders speculated that Nifty had broken out of a falling wedge, anticipating a strong uptrend. However, my primary concern is that it has broken below the green trendline, which may now act as strong resistance in the near term.

📌 Trading Advice: Wait for a decisive breakout or confirmation before taking new positions. Let the market provide clarity before making moves.