This is a strong uptrend. It would not allow market to go low. too does not have any divergence. Thus, market may continue to move up or stay around this height. The mid or top of should be the target.
Scenarios for the week ahead (highlighted as yellow box with black lines dissecting scenarios)…
Consolidation - Medium probability - Between 16675 and 16350
Downtrend - Medium probability - If breach below 16350; to drop somewhere till 16050
Uptrend - Medium probability - If breach above 16675; to rise somewhere till 16925
Fundamentally, there is still no news that can pause this juggernaut of a market. The world is living in euphoria. It remains to be seen how long this lasts.
DISCLAIMER: I am not a SEBI registered adviser. All the information provided on this website is for educational / informational purposes only and should not be taken as investment advice.