NIFTY facing resistance at 16700
16700 is the 200 EMA on daily chart. It is acting as a strong resistance for NIFTY right now. Breaking it is going to be tough. On the lower side, 16500 is acting up as a very strong support as of now, with lot of put writing. If volatility reduces a little, we may see a consolidation in this area before any further move happens.
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