The recent low of 16,828 in the Nifty aligns closely with the lows observed in September and October 2022, thereby making it a significant level of support to monitor going forward. While the rally from 17,207.25 (March 2023) the index has never seen any close below the low of the prior week which illustrates the positive undertone of the prices.
On the weekly timeframe, the Nifty has formed an Inside Bar Candle which reflects the decreasing volatility of the prices.