By Ruchit Jain
Post the recent pullback move, our markets witnessed a correction of over 500 points in Nifty from its recent swing high of 16790. Nifty breached the 16300 mark on the weekly expiry day, but again it managed to pull back higher and end a tad below 16500. We witnessed some fresh short additions in the index in this recent correction. The Bank Nifty index too has seen a similar correction in the last few days and has ended just above the 35000 mark.
For the coming weekly expiry, the supports for Nifty are placed around 16200 followed by 16000 while resistance is seen around 16500-16600 range followed by 17000. Traders are advised to stay cautious on pullbacks and trade with a stock-specific approach in the near term.
(Ruchit Jain is a Lead Research at 5paisa.com. Views expressed are the author’s own. Please consult your financial advisor before investing.)