Summary:

• Nifty was up near 0.5%, in the gone by
• For the past 3 weeks, the Index has been oscillating in the range of 15800 to 16400 levels. At this point, the Index is hovering around an upper band of consolidation
• Nifty tried finding strength in Auto and banking (in this week)
• Moving above the 16400 level can lead to further extension of upside movement up to the 16800 level But the overall trend is still weak as the Index is in a lower high and lower low sequence and it is trading below the long term moving average
• Technical bounce above 16400 cannot be ruled out for further improvement

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