On Thursday, 6 Feb, the index broker above the cloud and closed the gap opening. This could have been a bullish signal but today, 7 Feb, the index failed to move higher but instead moved below the cloud. The black candlestick today also formed a almost “Evening Star Pattern”.
Next week the chart picture is bearish. The 3-day candlestick is painting a bearish trend. The index moving below the cloud is another hint of a bearish trend. A gap closing(Thursday & Wednesday) also adds to the bearish picture. The index is expected to test the low at 3112 and 3070 next week.