NIFTY 50 - Base Formation Before Recovery?

Nifty 50 appears to be in a corrective phase after completing a larger advance near the 26,373 zone. The recent sharp decline into the 22,955 region appears to be a potential wave (Y)/(v) exhaustion area, where selling pressure may be stabilizing. Price is now attempting to reclaim the 23,750 – 24,150 region, which acts as an important pivot. Holding above this zone could support a recovery move toward the first resistance cluster near 24,550 (R1), while a stronger breakout may open the path toward 25,000 – 25,900 (R2–R3).

Near term, the structure suggests a possible wave (1)-(2) base formation, meaning a rebound may develop after this correction if buyers continue defending current levels. The main bullish trigger is reclaiming and sustaining above 24,550, which would strengthen the case for upside continuation. On the downside, if the price slips back below recent support and loses momentum near 22,955, the market may revisit deeper support toward the 21,850 region before any larger trend reversal attempt.

We will update further information soon.
BrightRally_Research