The Nifty index is expected to find support in the range of 16900-16950 and subsequently rebound, generating upward momentum. In the event that the price falls within the specified range and a 15-minute candle closes above the level of 16950, a bullish trend towards the target level of 17180 is anticipated. However, to manage the risk of potential losses, a stoploss level of 16820 is recommended.
In summary, the analysis suggests that there is a potential opportunity for traders to enter into a bullish position on the Nifty index, but this should be done with careful consideration of the specified support and resistance levels and the associated risk management strategies.
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