India’s Nifty index has formed a bearish dark cloud cover pattern on the weekly charts, closing 106 points lower on Friday. The index needs to remain above 18,666 to move towards 18,750 and 18,888 zones, with support available at 18,550 and 18,500 zones. Option data suggests a shift in lower trading ranges between 18,500 and 19,000 zones, with an immediate trading range between 18,550 and 18,800 zones. The Relative Strength Index (RSI) shows negative divergence as momentum weakens. Traders should keep an eye on the 20-day SMA, with 18,650 acting as a crucial support level.
