-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.