Nifty showing Downtrend

The Nifty index recently experienced a significant increase, reaching a peak of 20,000. However, within a span of just three days, it saw a decline to 19,670, which amounted to a 330-point decrease. This puts us at a key retracement level of 50%. It is important to note that if the Nifty index closes below 19,650, it may indicate a potential sharp fall in the market. In such a scenario, the immediate support level for long-term investors would be 19,353.

Based on the given description, if the Nifty breaks below 19670, it is likely to reach levels around 19602 and 19503. Additionally, if the market opens with a gap up, there may be a consolidation phase with a negative bias. Overall, the Nifty is currently showing a bearish trend.