NIfty 50 has been forming a Falling Wedge in a daily time-frame. The volumes have been comparatively high which means that a good base has been formed. The FIIs are oversold and stand at around 19% long position. So there is a high chance of FIIs getting back to buying.
Chart
There was a false breakout on 24th January (Blue arrow). Which caused a very fast sell off and also there were news triggers to cause the sell off.
Today i.e. 9/2/2023 would be crucial for NIfty. A breakout could help Nifty go higher and the bulls would take control. High risk entry would be immediately after the breakout. A less risk entry would be at a re-test of the wedge.