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Nifty was in the consolidation zone and Nifty take support in the range of 16180-16190 Range.
Which Can consider to be Triple Bottom. If the script closes above 16370 above in daily time frame, then the index may move further up to 16550.
Hence, Nifty brakes and hold above 16370 then we can go for long or else if its brakes below 16180. Then we need to verify whether distribution phase and decline phase was started.
Wait till Nifty brakes the consolidation.
Disclaimer: Kindly do your own analysis before executing the trade and this is purely for educational purpose and i am not registered SEBI Analyst.