Good Morning Friends,
Its at all time high and hence there is no resistance on higher side. I am taking cues from derivative data. Option buildup is confirming for the range of 16500 to 16000 levels.
I am considering 16100 to 16000 as important support and it is not likely to break this level. This should be considered as pullback only.
It is going to be interesting to see how Nifty reacts on support. I had considered 16300 as important levels and pause is coming from nearby levels.
My take is a pullback and then 16500. Well, it's just a view so far. I will add trades depending on how market reacts at those levels.
Happy Trading,
