Will Nifty Hold the Trendline Support or Resume Its Downtrend?

https://preview.redd.it/8iwcrrp4rx9e1.jpg?width=1745&format=pjpg&auto=webp&s=665d44f9383a72827dfd3d930cea130e74bca755 The Nifty index has been struggling to overcome selling pressure at the 40-hour EMA since the downtrend began on December 16, 2024. Recently, we saw a pullback from the 23537 level, with early signs of a higher high and higher low formation on the hourly chart, suggesting that the bulls might be regaining some strength. Today’s bounce from the hourly trendline support has raised the question: will Nifty manage to close above the 40-hour EMA at 23870 and aim for the gap area, or could the trendline support give way, pushing the index back into its downtrend? Share your views in the comments!