#nifty50 FIB retracement levels for next support levels

Mar 6, 2022

Nifty broke a critical Camarilla S3 support level 16341 and closed with a bearish candle last week. 16341 will be acting as a resistance in case there is a good news driven rally upwards. Next support as per fibonacci retracement is at 16011, if this is broken then we are looking at 14415. Clearly 16431 was the point of support and return which has now been breached, so we need to look for followup to confirm the breakdown. PCR is 0.47 and contra indicates a pullback. Any pullback could be followed by another round of selling given the high vix and uncertainty, and it remains to be seen if a gain can at all be sustained. What do you think?