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https://t.me/joinchat/96ABOeDO5fw4YTJl
Summary:
In the week gone by, Index was down more than 4%. It was a steep decline. With this fall, the Index has formed a lower high and lower low sequence on a weekly chart. In the previous 3 falls, the Index decline by near to 8% and resumed its movement on the higher side. The recent correction is 8% and it coincides with the positional moving average. Based on this configuration, 17000 level is immediate support. In the absence of a buyer at support, the view remains negative. Moving below the 17000 level can lead index up to 16700 level. On the higher side, the Index remains in the grip of bears as far as it sustain below 17200 level.
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