Nifty daily: below every average, inside a falling channelNifty 50 IndexNSE:NIFTYVishwajeeth_JKThis is the same structure as the lower timeframes, but the daily adds the averages, and the averages tell you why nothing bullish has stuck all year. The long term average rolled over in March and has been declining ever since. Price has been under it for six straight months. Not one rally has closed above it. The August push at 24,650 got right to it, touched it, and turned. That is the third rejection off the triangle line and the first touch of the long term average in months, both at the same spot. That is where the current leg down started. The triangle itself is the same two lines. February high 26,500 on top, April low 22,210 underneath, converging through August. Price walked out of the bottom of it in the last week of the month and has not been back. What matters now on the daily is the average stack. Short term average is below the medium term. Medium term is below the long term. All three are pointing down. Price is below all three. That is a full bearish alignment, the first clean one since the April low, and it happened only after the channel dragged price through the rising trendline. Close is 23,753, down 0.60 percent, sitting on the lower rail of the descending channel with the short and medium averages stacked overhead near 24,100 to 24,200. Every one of those is now resistance, and so is the broken triangle line, which sits in the same area. That is a lot of supply in one zone. Levels, simply. Downside, June low 23,150, then 22,900, then the April low at 22,210. Upside, first job is a daily close back above 24,200 to clear the short and medium averages and get inside the triangle again. Until that happens the trend on the daily is down and every bounce is a bounce inside a downtrend. What would change my mind. A close above 24,200 that holds, then a reclaim of the long term average near 24,650. Until both, I treat rallies as sells into resistance and let the structure work. Not a recommendation, just sharing what I am watching.