The Nifty 50 index formed a bearish engulfing candlestick pattern on the weekly chart, indicating potential profit booking and a downward bias after giving up previous week's gains. While momentum indicators suggest the market is in oversold territory, a technical pullback is possible. Analysts suggest the index needs to reclaim the 26,000 level and establish higher highs and lows for the corrective decline to pause. Gold and silver rallies in 2026 are unlikely to be one-way, according to one analyst.