More downside seems likely on the Nifty, Bank Nifty, says Ravi Nathani

According to the technical analyst, the key support for the Nifty is at 17,475, below which the NSE benchmark can slide to 17,040 and 16,660 levels.

Nifty Index

Last close: 17,604.35

The Nifty 50 index has been showing signs of bearishness in recent weeks. This can be attributed to a number of factors, including the anticipation of the Union Budget, which is expected to be released this week.

The Union Budget is a significant event for the Indian economy and can have a major impact on the stock market. As a result, wild volatility is expected in the market in the coming days.

Technical analysis of the charts suggests that the bears are likely to be stronger than the bulls in the near term. This is reflected in the bearish