As we discussed yesterday, Nifty gave a breakout to the downside and took support near 20850. but as the pressure of the selling was quite good, the volume increased at each candle after the Breakout. We can expect more fall tomorrow.

Reasons:

1. RSI < 40 (Bearish)
2. Bearish engulfing candle at Day-Timeframe. And it’s forming at the all-time high top of the trend. (Bearish)
3. Price < EMA(13,50) (Bearish)
4. Bearish Golden Crossover (Bearish)
5. Breakout of the rising wedge pattern. (Bearish)
6. PCR has come to 0.70 from 0.93. which means the Bulls have rounded most of their position. If we see OI data 1st half today, there was only rounding off for PE writing. (Bearish)
7. According to the OI data, there is not much support on the downside. Max Pain is 21000. (Bearish)