From the all-time high of 14,653, Nifty has witnessed a correction of almost 3 percent towards 14,222.

In the week ended January 15, 2021, Nifty formed a Doji candlestick pattern on the weekly chart. Doji indicates indecision and also the reversal in the trend if the low of the candle is breached decisively.

In the first session of this week, we have seen Nifty breaking the crucial support of 14,357, which confirms the bearish trend reversal.

Nifty has been trading in the upward sloping channel. It took resistance on the upper trendline of the channel and reversed south.

The lower trendline of the channel projects the support around 14,150, below which medium-term trend could go in favour of the bears.

RSI oscillator on the daily charts has exited the overbought zone with negative crossover on its signal line.

The MACD indicator has also shown a bearish crossover on the daily chart. These technical developments confirm the downtrend in the short-term.