New Resistance level for Nifty is 16280, 16320 and 16360.
New Support level for Nifty is 16236, 16180, 16100 and 16050. Till now 16236 level acted as good for Nifty .
Remember there isn't enough room for Nifty to go up. Though Nifty can always push 10 to 30 points up from it's previous high, as we have seen in the past. Market is at lifetime high and correction is pending. So take your decision wisely.
12th August is weekly expiry, and market can be volatile. Global market sentiment is mixed to positive. Nifty may open flat or gap up and you may see similar chart pattern.
At the time of publishing this SGX Nifty is trading at 16330 and it's showing a reversal pattern from it's .
Do your own analysis before taking any trading decision and trade with SL. Thank You.