"The key support levels for Nifty for the short term are 16,722 (gap support) and 16,376 (three-week low)," said Vidnyan Sawant of GEPL Capital.
The bullish momentum can take the Nifty towards 17,019. If the index goes past this level, it can head to 17,799, says Karan Pai of GEPL Capital.
RSI plotted on the weekly timeframe remains above the 50-mark and is drifting higher towards the overbought level, indicating that the bulls are attempting to take control of the trend.
On the larger market front, the long-term bullish trend remains intact and the Nifty will move towards 16,450 and 16,687 in the coming days, said Vidnyan Sawant of GEPL Capital.
The key support level to watch out for from a short-term perspective is 15,500 and on the upside,16,000 will act as a strong resistance, said Karan Pai of GEPL CAPITAL.