NIFTY did manage to successfully close positively in an earlier supply zone. The up move in price was driven by short covering and not fresh buying. Because of this we can expect some downward movement in the markets today . As mentioned in our study yesterday the index can take support near 16130-16080 zone. We maintain the market can remain sideways between 16100-16300 and a close above 16300 in spot NIFTY can take the index to higher levels.
Important levels for the day are given below.
Bullish Above 16130 Possible Upside targets - 16180/16230/16280/16310/16330 Bearish Below 16080 Possible Downside targets -16020/15980/15940/15900
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.