Nifty opened with a big gap-up today near the 16600 zones and we saw a sharp sell-off as expected. Nifty went to 16400, almost 200 points down from opening and then we saw a bounce from this zone which acted as support on Friday as well.
For tomorrow, we expect Nifty to give an up-move if we open flat around 16500 and break the falling resistance line on the upside.