NSE:NIFTY Has corrected 9-10% from all time high. Majority of the correction has come from FII profit booking. Nifty closed below 17000 today, which can be either a bear trap or a bearish continuation.
Nifty has strong support at 200 EMA and if that fails to support, 16000-15500 is the next major support zone.
My prediction is displayed on the chart. If Nifty decisively sustains at 17700-800 levels, I will have more conviction towards my prediction but for now markets show no sign of strength.
THIS IS MY FIRST INDEX ANALYSIS. VIEW MAY GO TERRIBLY WRONG.