Nifty what's Next?

Welcome Readers ,Writing after a long gap again and will be happy to receive comments/feedback after reading it completely.

Indian index and majority of stocks seen a selling pressure in the week passed by .

the sell off was on back of multiple factors be it the new variant of virus or on back of FII selling or valuation concern in overall markets .

Point to note before forming any view here is that nifty had shown a 8.5 % correction already from life high zones , Nifty is in large uptrend .

• Nifty formed a bearish technical pattern called inverse head and shoulder on daily chart and in a bull market a good correction of 10-15 % is considered healthy.
• Nifty will complete its 10 % correction around zone of 16750 thus the first good healthy support is at 16700 to 16800 area for bulls .
• The next counter of support for Nifty comes at 15800-16000 areas where Index will complete its 15 % correction .
• On upside Now supply areas emerging as per chart comes at 17650 to 17800 zone as nifty holds a weekly hurdle at the same place
• summary of above points if need to combine than in simple words as per what Data I see ignoring all news flow , Index shall stay range bound in this 1000 points area of 16600 to 17600(+- 100 point) and It will be more a stock specific market with both side moves

Sector to focus majorly for opportunities

• Nifty Media
• Nifty IT
• Nifty Midcap
• Nifty Bank stocks

I would try to write more frequently and express my views , this as done with a long gap if any mistakes kindly ignore and do let me know in comments any suggestion or inputs .

thanks for your time!!!