Highlights from the stock market: Nifty produces a towering bearish candle. What investors ought to do on Tuesday

Tech View: While Nifty today retraced to levels from mid-October, it also established lower highs and lower lows on the hourly charts and a towering bearish candle on the daily charts.

According to Motilal Oswal's Chandan Taparia, as long as it stays below 17,250 zones, weakness might extend to the next psychological support range of 17,000-16,800 levels while on the upside, resistance is expected around 17,350 and 17,442 levels.

Option data points to a longer-term trading range in the 16,800–17,700 zones and a shorter-term trading range in the 17,000–17,500 zones.

The Nifty is currently trading below all of its significant averages, and the average's slope has tipped lower. Prices are trading inside of a falling channel pattern on the daily chart, and they must encounter the overhead resistance.