The market index, NIFTY50, has retraced to the support line of the Double top chart pattern, which also acted as the critical resistance for the index.
The index respects the chart pattern, and the broader market direction is still bearish.
My current view is that the market will touch 16200 levels, which will complete the double top target.
The market is also below its MA30 and MA50 and staying at the levels of MA200.
