The Nifty dipped below the support level of 21650, resulting in a decline towards 21500. The prevailing sentiment appears weak, highlighted by the index closing below the crucial support at 21650. If it continues to drop below 21500 in the upcoming days, it could potentially exacerbate the negative sentiment, especially with expectations of substantial unwinding by put writers below 21500. The broader market outlook suggests a sell-on-rise strategy as long as it stays below 21650.