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Nifty

The Nifty has shown a steady range between 18,000 and 18,400. It has created a string of powerful bearish candles over the course of the last few trading sessions, potentially indicating a trend reversal. Nifty's trading yesterday coincided with the weekly expiry, fallingfrom its day's high of 18,291 to 18,130.As the Relative Strength Index (RSI) retraces in the direction of the negative, technical indicatorssupport the bearish outlook even more. A negative crossover between the moving averages has also occurred, signaling increasedsellingpressure in the market. These signs coincide with the development of an engulfing pattern, which raises the possibility that thedownward momentum will continue.Given the situation, traders and investors are advised to take a neutral to negative attitudeupuntilblatant indications of a turn around appear. It is essential to keep an eye on the market in case the trend changes or thereis considerable price movement that could point to a change in attitude.

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