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BY A STAFF REPORTER
Technically, Nifty Spot has formed three black crow patterns on the daily chart, suggesting that more bearishness. Current short-term market structure is weak but it is in oversold territory. For traders, 16000 will act as a trend deciding level.
On the Upside :- If the index succeeds to trade above it, then it can move to 16082--16130-16175. Major 16222-285.
On the down side :- Selling pressure is likely to mount below 16000/15960 and the index can slip to 15900-15840. Major 15777.
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Source : Eureka
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