Market Status continues to be bearish. The pullback we saw most of last week seems to be over with the formation of a Bearish Engulfing formed on Thursday. Now, if we look at the equidistant parallel channel, we can see that if Line 3 is broken, then we might see NIFTY heading towards Line 4, which is approximately at 4600. That is on weekly scale.
On the daily scale, we have 4980-5000 as an intermediate support, if 5170 is broken.
