The chart is self explanatory
If NIFTY falls below 17000 then 16500 will be the only support and then 15000 levels (200 EMA )
But these are extreme levels to which NIFTY 50 can fall
17550/17400/17050 are the next support levels for this expiry and 18000 is a stiff resistance
RSI below 50 and Volumes increasing on sell side is a matter of concern.
FOLLOW ME for...
Nifty 50 experienced a panic sell in the last couple of hours and has formed a bearish engulfing pattern in daily time frame...but this pattern stays valid only when Nifty 50 starts forming a 5 wave lower high and lower low on a the 15 min chart and breaks the pivot point as mentioned in the chart.Don't exit from your trading portfolio in panic.
Mid caps were...
LONG TERM BULLISH STRUCTURE OF NIFTY 50 IS INTACT.
In Short Term we might see some pullback due to 2 reversal patterns and also formation of head and shoulders
Support levels have been discussed in the chart.
Reasons for pullback
1.Weak global cues
2.Rising crude prices
3.Bearish engulfing pattern
4.Island reversal pattern
5.Formation of H&S
6.Multiple rejections...
