NIFTY at an important support

NIFTY is at a very important support around 17380 levels. It is the yearly open level, 21EMA on monthly chart. A breach and close of this on the monthly chart will take nifty further to 16900 levels. If it takes support, then we can see a pullback rally towards 17650. On the daily chart, a Doji was formed and today we have seen the low of that candle break. A daily closing below 17480 indicates bearishness. Short term view will be bearish. Wait and watch.

Disclaimer: I am not SEBI registered investment advisor. All views are personal. Do not take trades based on these views.