The medium-term uptrend in Nifty as per the weekly timeframe chart is intact and we observe a formation of a larger degree of higher tops and bottoms over the last many months.
The Nifty has convincingly reversed the recent downtrend by moving up from a trend line support and convincingly closing above the 50 day SMA last Monday on the back of the Budget.
With the Nifty now trading below the 20 day SMA and the 14 day RSI in decline mode, the technical indicators too are confirming the weakness seen in the markets.
The short term trend of Nifty continues to be positive and Wednesday's upmove could be a confirmation of bullish reversal from the lows.