Summary:

• Nifty spent the majority of the time in a range of 15700 to 15900. It was much of a time-wise correction.
• Nifty has touched 15500 level and formed a strong tail, indicating buyers’ presence at a support level.
• It seems to have completed its time-wise correction, but moving above 15900 level will show further upside movement up to 16100 to 16200. Short term view remains positive as the Nifty sustains above the 15650 level.
• From sector-specific, the FMCG sector has given a breakout on the higher side. So, it will retain its positive stand.

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