NIFTY 50 Index (Weekly) – Rising Wedge Breakdown in ActionNifty 50 IndexNSE:NIFTYTechnicalAnalystSucritThe Nifty 50 Index is showing clear signs of structural weakness on the weekly timeframe. After a prolonged rally, the price formed a classic Rising Wedge Pattern, a well-known bearish reversal setup. Key Technical Observations: ⚠️ Pattern Breakdown: The price has cleanly broken down below the lower ascending support trendline of the wedge, invalidating the previous bullish momentum.📉 Corrective Move: The subsequent price action confirms a downside continuation, shedding approximately 736.65 points (-3.02%) during the breakdown phase. 📌 Key Levels to Watch:Resistance Zone: Immediete overhead supply remains active between the 24,378 and 24,774 zones.Major Support Targets: Current downward momentum is eyeing the psychological and technical support levels down near 23,722 and 23,436, with an ultimate structural floor sitting around 23,072. Market Outlook:The bias remains strictly bearish beneath the wedge structural breakdown point. Expect short-term pullbacks to face selling pressure at resistance levels. Traders should maintain strict risk management as the index seeks a firm structural bottom. Disclaimer: For educational purposes only. Not financial advice.