Nifty has recorded nine consecutive weekly red candles, falling from 24,774 to 22,762, a decline of approximately 8.1%. The index is approaching a critical support zone, with the previous major low at 22,173 now in focus. Key technical levels • 22,500: Immediate weekly support. A sustained hold could support a base formation or rebound attempt. • 22,173: Previous major low and the next downside reference if 22,500 breaks decisively. • Weekly RSI near 33: Reflects weak momentum, but does not independently confirm a reversal. Why it matters A weaker rupee, elevated crude oil prices and rising US and Indian bond yields are adding to market pressure. These factors can influence foreign investment flows, corporate costs and overall investor sentiment. What to watch next The next few weekly candles could determine whether Nifty stabilises near support or extends its decline. A sustained hold above 22,500 may support a recovery attempt, while a decisive breakdown could expose 22,173. Analytical view: WAIT The weekly structure remains under pressure. Traders may look for a confirmed support hold or a decisive breakdown before taking directional positions. A temporary bounce alone is not sufficient evidence of a trend reversal. Learning outcome: Consecutive weekly declines indicate persistent selling pressure, but support levels, momentum indicators and confirmation candles should be assessed together before interpreting a potential reversal or breakdown.

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