Summary:

• Nifty improved near to 2.5% in the past week.
• On a weekly chart, Nifty formed a bullish Harami Pattern which confirms the buyer’s presence at the weekly positional moving average and role reversal level.
• On the daily chart, the Nifty started to pick up its movement on the higher side.
• In earlier instances, it had filled the gap on the higher side. In the recent context, the Nifty has a gap area and resistance level around 16000 to 16200 levels.
• Corrective upside movement cannot be ruled out based on weekly and daily chart development.

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