Summary:
• After the 3-week base of 15800 to 16400, Nifty had given a breakout on a higher side but traded in the range of 16800 to 16400 level
• As it was a range-bound scenario, either side breach will dictate further trends
• Closing above 16650 will hint towards further upside up to 16800 and 17000 levels
• Whereas, close below 16500 will indicate further decline movement up to 16400 followed by 16270 level
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