Nifty 50 Analysis from Your Chart (20 May 2025, 15:08) - Can it break 24600???? This is decisive. No short from lows.

Key Observations:

Current Price:

• Nifty at 24,672.20 (-1.1%)

• Significant drop from intraday high around 24,737

Trendline Support:

• A rising trendline starting from early April lows is intact.
• Price is currently testing this trendline, and a breakdown below this could trigger further downside.

• Immediate horizontal support around 24,670 — exactly where it’s trading now.
• Next horizontal resistance around 25,020–25,070, which it failed to sustain previously.

Price Structure:

• Market made a series of higher highs and higher lows till mid-May.
• Now forming a potential descending top structure within a larger uptrend — signaling caution

• Currently near 40–45 levels.
• RSI previously bounced near these levels in April.

• If RSI breaks 40 decisively, momentum weakness will deepen.

What This Implies for 24,600 Break

• If this rising trendline (around 24,670) breaks decisively on closing basis:

• Expect a quick slide towards 24,500–24,420 zone.
• Given weak RSI and multiple rejections at higher levels, probability of a test towards 24,500 is increasing.
• If it holds and rebounds:

• Otherwise, upside remains capped.

Option Data Matchup

• Heavy OI unwinding at 24,600 CE and 24,700 CE suggests bulls backing off those levels.
• Which syncs with this chart showing price struggling at these exact points.