The immediate support for the Nifty is placed near 16,400 levels and the resistance is pegged near 16,700–16,750 levels
If Nifty is able to go above 15,950, then prices may witness a major breakout which will help the index to cross above 16,150. Support is placed near 15,600 - 15,550, said Rohan Patil of Bonanza Portfolio
If the index breaks the crucial resistance zone of 15920-16000 levels in the coming trading sessions then buying will resume again. Support for the index is placed near 15500 levels which are clubbed with a SAR indicator.
Support for the Nifty Index is placed at 14450 levels while resistance rests near 14950, says Patil.
Nifty50 index is holding the key support zone, but the chart pattern suggests that there might be some action expected in the index if the price remains above the support zone or breaks the crucial resistance zone which rests at 14,900 levels in the coming trading sessions.
The trend in Nifty is likely to remain sideways or we can expect some profit-booking till 14,900 levels. The higher-end break of 15,450 will open the gates for 15,650 levels in the coming trading sessions.
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