Description
⋅ Major resistance - 165255 (200 day 4 HMA)
Major support -16200
The index has broken major resistance 16525 and jumped till 16725 at the time of writing. It is currently trading around 16721.
Any break above 16575 confirms minor trend reversal, jump till 16700/17000/17250 is possible .
On the lower side minor support is around 16200 and break below targets around 16000/15800/15500.The minor support is around 16400.
Short term weakness can be seen only below 15500.
It is good to buy at dips around 16650 with SL around 16400 for the TP of 17250