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Technical View | Nifty defends 17,000, relief rally likely as index looks oversold

The index has seen the formation of a bearish candlestick pattern on the daily charts. The 50-share benchmark index has defended the 17,000 mark due to a bit of recovery in late trade, hence if the index manages to sustain the same crucial mark then, according to experts, there could be a temporary relief rally in the market after being looked oversold. However, if the index fails to hold on to the said level then there could be a fair chance of the index breaking 16,900-16,800 levels in the coming days, experts feel.