• Nifty was up around 3% in the week gone by. It had very volatile sessions, but moves were within 15800 to 16400 levels.
• Nifty repetitively took support and resistance at a similar level, it indicated time-wise correction after price-wise correction.
• The state of Nifty seems to be range-bound with negative bias.
• Moving above 16400 levels will be considered as a continuation of pullback up to 16600 levels followed by 16800.
• On the downside, the Index has support at 15800 levels.
• From a sector perspective, FMCG and Energy are likely to do well.
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