On a Daily time frame Nifty is trading near the resistance, at the same level, the stock has formed a Bearish Harami Pattern which indicates Short term Reversal in the security. In addition on an intraday basis, the stock has given a breakdown of a rising wedge pattern supporting the downside move. 

The daily RSI (14) is trading with a price conforming to the move and has close below its previous low indicating a breakdown on the downside.

The momentum Indicator MACD(12,26,9) has witness a crossover between the signal line and macd line at top with histogram confirming divergence between price. 

Henceforth a short position can be created in Nifty @Cmp with SL of 18490 for TP of 17880-17550

Bearish Harami Pattern

May 18 2023