Support- 16000
Resistance- 16450-16500
This week is very important for market. Inflation data will be published for June month in many countries including India. Central banks closely watch CPI data, industrial production data to frame out the monetary policy. This is why, we can see increased volatility.
Technically, 16000 is support for Nifty today where traders can go for long side position. Nifty is expected to open with gap down. On higher side, 16500 is resistance where profit booking can be seen. Below 16000, 150-200 points fall can be seen. Overall chart pattern is buy on dip so avoid buying on higher side and look opportunity at lower side.
PCR is at 1.2 which is slightly overbought and Fiis net long position is 27% which is neutral.
