NIFTY started the day on a positive note but after making a high of 17132, it fell sharply and breached the 17k mark in early trade. The selling intensified as NIFTY broke the key support of 16850. It made a low of 16623 and ended weak below the 16700 mark. NIFTY has broken the 200DEMA. Now NIFTY can test 16400 and below that 16150 in the coming days thus any bounce back would be an exit opportunity from the long positions. On the upside, now the range of 16900 - 17000 will pay as a strong resistance for the short term.
|Buy above 16900||16800||17100|
|Sell below 16574||16651||16400|