“Nifty50 is temporarily halting its weakness near the crucial lower support of 16,800 levels, as per the concept of change in polarity. The area of 16,800 acted as an important value area and has resulted in significant movement from its support/resistance/breakouts in the past,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Hence, here is a possibility of a sustainable upside bounce in the market from near this support. Immediate resistance is around 17,150-17,200 levels, Shetti added.
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