The Nifty50 is trying to find its feet near a strong support zone of 16,850-16,600 after a brutal fall. The market was looking much oversold as Put-Call ratio (PCR) has slipped below the 0.7 mark and FIIs' long exposure in the index future dipped below 45 percent therefore a bounceback is due.

Technically, 16,800 is long-term trendline support and a previous demand zone while 200-DMA (daily moving average) is placed around 16,600 level, therefore we can expect a pullback rally from here.

On the upside, the 17,500-17,600 area will be the first resistance zone while above 17,800, we will get confidence that the market has reversed and is ready to go higher.