NIFTY 50 formed a Head and Shoulder pattern recently and is also testing the major trend line support. I gave a target of 17650-17600 on Nov 9 before Dec 1st week, which we achieved on Nov 22. I see short term bearish with target of 16600 by or before Jan 2022.
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NIFTY50 had a 500 points crash yesterday and briefly broke 17000 levels. Based on my earlier we can expect to see 16600 sooner than anticipated.
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NIFTY is hitting a stronger resistance at 17625. It had a good bounce recently, but the overall trend is still slightly bearish. Eventually we'll see the 16650-16600 gap filled by Jan 2022 or earlier.
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NIFTY got closer to my target 16650 - 16600. Today's low was 16653, lets see if it breaks 16600 in next few days.
Trade closed: target reached
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NIFTY breached the 16600 target today, went as low as 16410. It bounced back a little bit and closed at 16614.