Technical View | Major correction likely if Nifty slips below 17,150, say experts
With a fall of more than 300 points in a day, the Nifty index saw a breakdown of crucial support levels of 17,400-17,500. The index formed a big bearish candlestick on the daily charts, closing below not only 50-day simple moving average (17,340) and 50-day exponential moving average (17,358), but also slipping below the gap area (17,380-17,401) of August 30. The August low of around 17,150 will be crucial support for the Nifty and if it is broken, the index can slip below 17,000, experts said. Read here.