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Despite the tepid market conditions, Nifty opened on a positive note but corrected sharply on higher levels on consistent profit booking. From the daily high, the Nifty dropped over 265 points. A correction was seen in sectors such as metals, oil and gas, while there was some buying interest in select auto and consumer sectors. Technically, the market is still on the bullish side in the short-term. However, on the daily charts, Nifty has formed a bearish candle, indicating a strong possibility of temporary weakness. We think that as long as the Nifty holds the 16600-16500 levels, the uptrend is intact. On the higher side, the immediate hurdle would be 16900-17000. On the downside, any drop below 16500 can amplify further weakness to 16400-16300. Markets are expected to remain volatile in the coming days, so level-based trading would be the ideal strategy for the day trader.
Resistance: 16800, 16900, 17000
Support: 16700, 16600, 16500
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