The Nifty is at high values and in overbought region. It tried to stay above 4600 but couldn’t stay for overheard pressure is very high. Now it is just above its 20 day moving average. It is now in a situation where its next move will clearly tell whether it has changed the trend from up to down or it deferred that to a future date.
Looking at the below chart it is clear it is behaving normally by falling every day after reaching the highest point in two months. It did like that many times in this year from January. Both the moving averages 20 day and 50day are at the same value. If you look at the right side of the chart it becomes clear that it changes trend downwards after dipping below them and making fake recovery for few days.
I cannot say anything about this routine behavior except suggesting to getting out of the markets as soon as possible.