-Possible Head and Shoulder formation
- We could be heading back to 17,950-18,000 levels if the index manages to see a daily close above 17,606 levels (previous day's low). That would indicate the index is forming a head and shoulder, which of course partly depends on a failed attempt to take out 17,950-18,000.
- Meanwhile, if the index drops below 17,606 9previous day's low) we may bid adieu to the possibility of head and shoulder formation. In this case, support at 17,484 ( April 17 low) stands exposed.