High probability, NIFTY is heading to 16500-16000 zone over the next few weeks.
As per charts position on Jan27:
NIFTY has broken the long held 17800.
This could just be the decisive breakdown after Bearish Engulfing/Tweezers on Monthly Charts. A continuation candle could be under formation, with 2 Trading days to go for the Month.
On Daily Charts, this is a Bear Flag breakdown.
My Investment Notes 