NIFTY started the day on a positive note and breached the 16k mark in early trade yesterday, thereafter it started making higher tops and higher bottoms on the charts and it ended strong near 16300. Since NIFTY has given a confirmation of higher top and higher bottom formation on the 60 min chart. Thus now it can test its 20DEMA, which is placed near 16500. But the short term trend will turn bullish only above 20DEMA. On the downside the range of 15800 - 15700 will play as an important support for the immediate term.
|Buy above 16300||16200||16500|
|Sell below 16125||16200||15950|