On Thursday, Nifty witnessed a significant downfall of over 200 points, resulting in the formation of a bearish candle on the daily chart. This candle suggests a reversal of the previous bullish undertone and signifies a potential shift in the short-term trend. Traders need to exercise caution and closely monitor the market for further weakness in the short term. However, it is important to note that the near-term uptrend of the market remains intact. This implies that any additional weakness in the market, leading to the immediate support levels of 21,550-21,500, could present a buying opportunity.

Market participants should closely analyze the price action and consider potential sell-offs or consolidation patterns before initiating any trades. It is necessary to evaluate the overall market sentiment and market breadth to make informed decisions.

Furthermore, traders should keep an eye on the overall market trends and be aware of any major news or events that could impact the stock market. It is advisable to seek guidance from financial experts or analysts before making any investment decisions.

In conclusion, the formation of a strong bearish candle on the daily chart suggests a shift in the short-term trend. However, the overall uptrend in the near term remains intact. Traders should cautiously assess the market conditions and look for potential buying opportunities at the immediate support levels. Stay updated with market developments and seek professional advice to mitigate risks and optimize trading strategies.