On the monthly timeframe of Nifty Index, after experiencing three consecutive months of negative returns, the previous month has formed a Doji candlestick pattern. This suggests a sense of indecisiveness in the market following a four-month downtrend. The recent low of 16,828.35 in the Nifty aligns closely with the lows observed in September and October 2022, thereby making it a significant level of support to monitor going forward.