Nifty August series on the expiry day had done a dual momentum zone rejection(Market Profile Pattern). Though the price opened a gap up inside the zone but failed to cross the zone which is a clear sign of traders rejecting the zone which involves a short-term top formation setup in a very short term.
Nifty Futures August Series – Market Profile Charts

Nifty Futures August series also accepted down below Wednesday’s late pullback low which is again a bearish sign. The tone of Thursday’s expiry session ended negatively among the traders despite, price trading in the range. Nifty Futures too ended with an outside bar on the daily timeframe.
Overall Market Profile trading context is heavily turned negative.
Nifty Futures Hourly VSA Charts
Hourly VSA chart started with upthrust bar with follow through which is also a starting point for identifying the positional selling odds.

QuickFlip 45minute Timeframe
Quickflip on the 45min is continuing the buy signal for almost the last 4 months which is considered as a long tail signal and trend following can be any time expected to come to an end. And price going down below 19500 levels ends the short-term trend negative (i.e. buy signal comes to an end).
Positional odds of Nifty bringing 19500 as Quikflip is getting over extended on 45min timeframe for the last 4 months. pic.twitter.com/6eFJl3iC5I
— Marketcalls (@marketcallsHQ) July 27, 2023