Nifty can tumble over 15% from here on if it breaks 17,300, charts suggest

In the interim, the 200-WMA at 16,975 could be another key level to watch out for, as the Nifty had bounced back from there during the correction in the first half of 2022.

The NSE Nifty 50 has declined close to 6.5 per cent to 17,500 levels in the last three months so far amid concerns that a prolonged period of higher interest regime could stifle global economic growth and eventually hit corporate earnings.

Off late, global bankers have stressed on the need for higher rates than earlier projected in the backdrop of stubborn inflation. 

Technically, the Nifty has been trending with a negative bias since the start of 2023, after the short-term (20-DMA) Daily Moving Average dipped below the 50-DMA. To make the case further stronger for the bears, the 20- and the 50-DMA,