NIFTY moving towards 16850
Breach of 16700 levels on the hourly chart has opened gates for NIFTY to go higher towards 16850-16900 levels. EMA 200 at 16850 on daily chart will provide stiff resistance for upward moves. On the down side, 16500 is providing a good support on daily charts. NIFTY may turn rangebound this week.
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