Stocks such as DHFL, Jet Airways, Jaiprakash Associates, Just Dial, PC Jeweller, Wockhardt and Reliance Communications are ban in F&O. Nifty50 witnessed another volatile day on Wednesday but managed to close above its crucial support level of 10,700 levels but witnessed an intraday volatility of 91 points which resulted in a ‘High Wave’ candlestick pattern on the daily charts.High Wave kind of pattern is formed when there is a long upper shadow and a long lower shadow with a small body. The pattern is similar to a spinning top or a Doji kind of pattern but in the high wave, the shadows are longer and there is a small body.Nifty50 which opened at 10,751.95 which rose to an intraday high of 10,790.45. But, bears took control of D-Street and pushed the index below 5-DEMA to touch its intraday low of 10,699. The index closed above its 13-DEMA at 10,741.95, down 60 points.Nifty50 has crucial support placed at 10,700 levels but a close below 10,699 levels which was Wednesday’s intraday low could well change the trend for the markets, suggest experts. On the contrary, a sustained closed above 10,800 could resume the uptrend for the Nifty50.Nifty50 appears to have registered a ‘High Wave’ kind of candle formation as it witnessed an intraday swing of around 2 percent before signing off the session. In the near-term, indices may continue to remain uncertain and vulnerable to the political developments,based on larger trends it appears that Nifty50 is in a corrective and consolidation phase from the highs of 10,784 itself registered on 2nd of May which requires it to slip below 10,601 to culminate a corrective structure before resuming the uptrend. In such a scenario on the downsides it should bottom out between 10,601 – 10,552 levels.