Nifty IT: The index is clinging on to its 200-days moving average (DMA) from mid-2017. Though it did breach the level intermittently, a confirm breakdown has not been seen in the daily chart. The weekly chart highlights a higher top, a higher low pattern with the index scaling newer highs. Going ahead, 16,200 becomes a significant level to watch out for, as it indicates a breakout level. On the other side, 14,980 its 200 DMA becomes the short-term support. Any corrective phase towards 15,800 – 15,600 levels may see buying coming back with a reversal. With a failed setup of descending triangle, any upside above the high - mostly above 16,200 levels - would mean a fresh trend driving index towards 16,700 and 16,850 levels. CLICK HERE FOR THE DETAILED CHART VIEW
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