Nifty is showing weakness on the weekly timeframe, after facing rejection near the major resistance zone of ₹26,300–₹26,400. The index has formed a lower high and is witnessing a sharp decline towards key support levels.

Price is currently near a rising trendline support at ₹22,200–₹22,500, which is a crucial demand zone for maintaining the broader structure.

Additionally, Bollinger Bands %B indicator is near the lower band (oversold zone), suggesting that the index may be approaching short-term exhaustion in selling pressure. This could lead to a technical bounce or consolidation near support levels.

Resistance: ₹26,300–₹26,400

Immediate Support: ₹22,200–₹22,500 (Trendline)

Major Support: ₹21,000–₹21,200

Outlook:

Structure is turning cautious after rejection from higher levels. While the trend remains weak, oversold conditions may support a short-term bounce. A breakdown below the trendline could accelerate downside momentum, whereas holding above support may lead to consolidation or relief rally. Investors are advised to monitor price action closely near key levels.