Summary:

• The previous week’s breakout above 16400 did not sustain and Index moved below a support level
• Nifty faced resistance at 38.2% retracement level of earlier fall and long-term moving average
• With these developments, NIfty has formed a negative view and will remain bearish in the zone of 16200 to 16400 levels
• On the high side, immediate resistance is at 16500 level and 16700 levels. And on the downside, the Index has support at 16000 and 15800 levels

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