Nifty has made a Head & Shoulder Pattern. Above is a 4 Hr Chart for the same. 17600 level needs to be watched closely. Bulls need to protect 17700-17600 levels. Any fall below 17600 levels will bring nifty down to 16700-16600 levels.
H&S PATTERN EXPLAINED
The head and shoulders pattern is a technical formation that indicates a trend reversal is underway. For traders, it is an extremely useful pattern, whether they are trend trading and want to be alerted of potential danger or they want to catch a trend reversal near the turning point.