Nifty has created a lower high at 18114 on the weekly timeframe chart. Price has taken the support on the pivot range of 16800.
Currently, Nifty has formed a long-legged Doji on the pivot range, which signals indecision phrases of the market.
If the price fails to hold 16822, we may see a sharp downfall.
Doji is a reversal signal reversal, but it needs to be confirmed.
It has broken down the 50 & 100 EMA. If it gives a consecutively closing candle below the 50 EMA, then nifty can retest the 200 EMA or 17000.
Price has faced strong resistance at 17400. Nifty Looks weak, and it will gap down.
I will update opportunity-based trade setup.