Warning bells for small-cap bulls as Nifty Smallcap index witnesses head and shoulders pattern breakdown! Warning bells for small-cap bulls as Nifty Smallcap index witnesses head and shoulders pattern breakdown! Recently, the rising geopolitical tensions, soaring inflation, and the current ongoing assembly polls have spooked the markets. As a result, Nifty Smallcap index has relatively underperformed Nifty as well as the mid-cap index. Karan Dsij / Tuesday, February 15, 2022 / Article rating: 4.5 Technically, Nifty Smallcap index, on the weekly time scale, had formed a bearish engulfing pattern as on the weekend of January 21, 2022. The formation of bearish engulfing, after a continued uprise in the market