Nifty has formed a perfect bearish engulfing candle on weekly charts. Bearish engulfing suggests a 1:1 RR which means another 400-500 points fall within 1-3 weeks.
Educational purpose only - trade at your own risk.
Looks extremely bullish but volumes still need to live up to delivery percentages which are disappointing. Nevertheless, the trend looks extremely strong and a long position could be taken after the price retests 200ema or support line.