If you follow through the channel in yellow, you would observe how Nifty's bubble is created. This will burst after Nifty completes its Head & Shoulders Pattern. Nifty will come into its channel. 50% of Head and Shoulders pattern is already completed.
Small daily candles of Nifty indicates stiff resistance at 15900 - 16000 levels. If you refer to the highlighted path, it shows Nifty has completed 50% of its Head & Shoulders pattern, supported by Second Wave of Corona and its effect on Mar-Jun quarter.
