Nifty50 on the medium-term time frame seems to be very rangebound and is in moving between 17,600-16,700 mark. On the daily chart we can see that the index has been facing strong rejection near the 17,600 level. On December 13, the prices tested a high of 17,639 post which some selloff came in, that pulled the index lower toward the 17,180 mark.

We can also see that the 20-day SMA (simple moving average) breached below the 100-day SMA for the first time since June 2020. Pointing towards the presence of some bearishness in the trend.

On the indicator front, the RSI plotted on the daily time frame can be seen taking resistance at the 50 mark and moving lower, indicating towards the presence of bearish momentum in the prices.

Looking at the price action, we believe that the 17,200 mark is going to act as a make-or-break level. If the prices manage to breach below the 17,200 mark we might see an acceleration in bearish momentum and we might see the prices move lower towards 17,050-17,000 and eventually towards the 16,700 mark.