Technical and derivative analysts expect the Nifty to fall further to 17,500 levels if the index fails to sustain above the 17,700-mark this week. Nifty has given breakdown from its up sloping channel on weekly chart indicating more weakness ahead. Chart pattern suggests that if Nifty breaks below 17,700 level it would extend the selling pressure towards 17,500-17,600 levels. The cost involves outflow of Rs 2,950, which is the maximum loss if Nifty trades and remains below 17,850 at expiry. Bearish weekly setups have been formed in midcaps, smallcaps, PSE and metal Indices.

Source: Economic Times November 22, 2021 14:42 UTC