Nifty, Bank Nifty: Doji Formation Hints at Reversal Amidst Bearish Trend

• Nifty closed slightly below its 200 DEMA on January 21, forming a Doji-like candlestick pattern, suggesting market uncertainty.
• The index is trading below all key moving averages, with RSI in the oversold zone, indicating persistent weakness and increased volatility.
• Experts suggest a potential trend reversal due to Doji formation, but confirmation is needed; overall trend remains bearish.
• Nifty has fallen over 5% from its all-time high in 11 sessions, with selling pressure spreading to heavyweight stocks.
• Bank Nifty also shows weakness, slipping below its 50-day EMA, with support at 58,600 and resistance at 59,000-59,300.

Why It Matters: Doji formation hints at a potential trend reversal for Nifty and Bank Nifty, but bears still dominate.