The Nifty has entered pullback mode from the lower end of a falling channel. The pullback is subdividing into lower degree waves. An intermediate dip on November 24 found support near the hourly lower Bollinger Band. Thereon the index has started the next leg of the pullback.
It is heading towards the junction of the swing high, 40 hour exponential moving average & the hourly upper Bollinger Band, which is near 17600. So that is a key barrier to watch out for. Once that gets taken out then the Nifty will be set to march towards 17800 in the short term. In terms of the Fibonacci retracement, the pullback has so far retraced 38.2% of the previous decline from 18210 to 17216 & can head towards the 61.8% retracement, which is near 17800.
On the flip side, 17350-17300 will act as a near term support zone.