Nifty1 trying to break a previous trendline

S&P CNX NIFTY INDEX FUTURES (NSE:NIFTY1!)

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NSE:NIFTY1! S&P CNX NIFTY INDEX FUTURES

trendanalysis chartpattern indicator niftyintradaylevels

On 30 minutes chart Nifty (this is the near month future chart) is trying to break a previous support trendline. This may become a make or break situation for Nifty for this day.

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Nifty1 brakes another support at 16860.

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Next support comes at 16550.

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Anyone who took a trade (shorted or bought put or any bearish option strategy) when Nifty1 broke the support trendline at 11:45a.m. is smiling big now.