Nifty 50 Index (1D, NSE) with several scenario

The chart shows Nifty 50 Index (1D, NSE) with several plotted trendlines, channels, and support/resistance levels. Here's an analysis based on the drawings:

1. Trendlines & Channels
A major uptrend line (blue) has been drawn from the 2022 lows, acting as long-term support.
A falling wedge (blue channel) in the recent downtrend suggests a potential breakout if price moves above the upper boundary.
A similar falling wedge pattern from 2022 led to a strong breakout and rally, implying a similar scenario might play out.
2. Key Support & Resistance Levels
Master Breakout Level (Red, ~23,536.40) → Critical resistance, price needs to break above this for bullish confirmation.
Master Breakdown Level (Green, ~22,733.25) → Key support; if broken, it may lead to further downside.
Support Levels (~22,554.00 & 21,884.45) → Strong demand zones, possible bounce points.
Open GAP Support Levels (~20,409.75 & 19,291.45) → Unfilled gaps, which could act as magnets if the market corrects further.
3. Market Outlook
Bullish Scenario: If Nifty breaks above 23,536.40 with strong volume, it could lead to a new uptrend.
Bearish Scenario: A breakdown below 22,733.25 might trigger a decline toward 21,884 or lower.
The falling wedge breakout potential suggests a bullish bias unless the price loses support.