Engulfing bear formed after testing the 38.2% retracement level of the fall from 6209 to 5175 on the continuous Nifty Futures chart.

If the high of engulfing bear candlestick pattern is not crossed then we are likely to seen the low of 5175 getting tested again.

We could even see violation of the same for the projection targets of 5063 at least which 1.27% retracement of the rise from 5175 to 5589.

The 1.618 level of the same rise 5175 to 5589 is placed at 4918.