Nifty Daily Bearish Idea

NIFTY continues to consolidate within the zone of a potential bearish breakout, with price still ranging around a key resistance area. Despite the recent sideways movement, my overall bearish bias remains unchanged.

From a technical perspective, the market may still attempt to retrace higher to mitigate the Fair Value Gap (FVG) around the 24,000 level before resuming its downward move. This retracement could provide liquidity for institutional participants before the next leg lower unfolds.

As long as price remains below the major resistance zone and fails to establish a sustained bullish structure, the broader outlook remains bearish. Should the rejection from the 24,000 FVG occur as anticipated, NIFTY could begin an aggressive decline toward the 22,000 level and potentially below, as indicated on the chart.