Nifty50 - Bearish Evening Star Signals Reversal?

After rebounding +8.60% from its 21,974 swing low (4 March) to 23,869 (25 March), Nifty50 has formed a bearish Evening Star candlestick pattern, indicating a potential reversal in the near term. This pattern, appearing after a short-term recovery, suggests that bullish momentum may be weakening, with sellers gaining control. Key Fibonacci retracement levels to watch for downside confirmation: 🔻 38.2% – 23,278 🔻 50.0% – 23,133 🔻 61.8% – 22,938 🔻 78.6% – 22,698 If Nifty50 fails to hold above 23,278, further downside towards deeper retracement levels may unfold. Traders should watch for confirmation signals before taking positions.