Nifty on the Daily chart has formed a Gravestone Doji Pattern  after a bearish engulfing. A Gravestone Doji formation is generally formed in an uptrend having long upper shadow with a small to no lower shadow. Close is approximately same as Open. That’s what we have witnessed today as we underwent a muted trading sessions.

The bears are considerably taking charge in the upper range as we have seen 3rd day of decline after gains. The key takeaway is that we are seeing bulls being outnumbered. The resistance is at 8220 – 8250 in the near term and if we are not able to breach then we may see an overdue correction towards 8000 levels. if Nifty manages to hold 8150 then we are in for stiff consolidation. OI Data does suggest a consolidation range may be evolving in near term as market takes a halt on higher side and see a trading range play.