Nifty 500 had a rally last week after a big down move, after a rally, at level 15279.60 we are seeing some selling, this is also 68% retracement level of prior down move, so now nifty 500 can continue downward to test the demand zone marked in rectangle marking, and then can start moving higher, we will have to see how big the candle will be on downward move towards the zone, we can also start moving below 14400 level if S&P 500, breaks the major pivot and start moving lower, one concerning thing is that Russell 2000 is already in a downtrend structure, if S&P 500 confirms by making a new low then, it will be bad for nifty 500 also, again we will have to see how market performs next week, by looking what happens near range marked and at level 14400 we will get an idea on what nifty can do, this is for the reason that this region is where prior buying has happened.
Happy trading.
Happy trading.