Nifty 50 analysis-

"In recent days, Nifty has formed a bearish head and shoulder pattern, indicating potential downside. It has currently reached 26,277.34, which is approximately 10.50% below its previous high. The 23,500 level is a crucial support zone, coinciding with the 200-day Exponential Moving Average (EMA). Historically, Nifty has tended to bounce off this 200-EMA.

However, it's important to note that market sentiment has turned bearish. Therefore, a prudent strategy would be to adopt a cautious approach, considering selling into rallies until we receive clear signs of upward momentum."