Structure of Higher High Higher Low on hourly chart broken.

Nifty witnessed a massive fall of 302 points amidst sell off by DII today. While FII is sell side from more than couple of months now. Net sell of FIIs was Rs-1157.23 Crores and net sell of DIIs today was Rs -1376.49 Crores. DIIs seem to be giving up amidst selling pressure by FIIs. Global uncertainty related to Russia, Central Banks of various countries taking a hawkish stand to squeeze out liquidity from the system is playing out now on emerging markets. India was holding out on purchase of DIIs and Retail who seem to be taking a cautious stand as election season in 5 states considered as Semi-final to 2024 election is taking center stage. Support on the lower side for NIFTY is at 17119 which was today's low followed by 17006 which will be a critical support. Below this level NIFTY will be really vulnerable and will take support near 16842. If the NIFTY closes below 16656 on a daily closing. We can see Bears taking control of the market. On the upper side resistances will be near 17269 and 17399. Crossing these two critical levels Nifty will feel the heat near 50 and 200 hours EMA near 17469 and 17558 levels.