Key support levels for Nifty are 17,254 (2-week low) and 16,722 (gap support). On the upside, key resistance levels are 18,111 (50 percent extension level of the rise from 7,511-15,431, projected f
"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.