A daily chart view has been presented here, in continuation to what was discussed last week. The Indice has finally confirmed a bearish reversal yesterday, from around 17,800 levels, producing an Evening Star candlestick pattern. Moreover, the reversal has come at a convergence of fibonacci 0.786 levels, and the multi year support turned resistance line that had broken in August, 2015. Looking into the wave structure, a 3 wave corrective rally might be complete at sub 17,900 levels, and prices are now headed lower below 15,000 levels in the coming weeks. If this wave count is true, prices should hold below the 18,200/300 levels and accelerate down side. Immediate resistance is seen at sub 18,200/300 levels while support is seen at 17,600 levels respectively. The RSI has turned lower from 70 levels now, which favours the bearish count.
Remain/initiate short positions stop around 18,300 levels, target is open.