Summary:
• Nifty was almost down by nearly 4% and seems to be in a downward movement from the past 30 weeks, the recent week was the lowest closing of the recent fall
• It formed lower high and lower low sequences on weekly charts which keeps the weak structure intact
• Nifty is at a support level but has not shown buying movement yet
• Moving above 16100 will be a short-term positive sign, but the index will have stiff resistance at 16400 to 16600. In a broader perspective, the Nifty has support around the 15200 levels
The analysis is for educational purposes only, do your due diligence before taking any stock call.
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