- NIFTY saw some small corrections in last 2 weeks.
- It has formed Bullish Engulfing candlestick on weekly basis.
- It may cross resistance level of 16000 in about 2 weeks and then re-test those levels for sometime.
As shown in the pic,
NIFTY clearly took support at the bottom trendline
Next Swing may be towards the upper trendline which coincides with the psychological resistance of 16000.
One may sell 16000 - 15500 Put with hedge