Nifty on the daily chart has formed a double top pattern at around 15,900.

Momentum oscillator RSI (14) has drifted lower from 70 level which is an overbought zone for the indictor and it has given a breakdown of a horizontal trendline and settled below 60 level with bearish crossover on the daily timeframe.

The recent fall in the Nifty50 was arrested near its 21-day exponential moving average which is placed at 15,597 which is an important short-term support level for the index.

Looking at the current chart set up we are expecting a volatile movement with a bearish tilt in the coming trading sessions.

Near-term support for the index is placed near 15,450 and upside is capped near the 15,900 – 16,000 zone.