Nifty ended few decimal points above 200 days EMA.

After giving a gap up opening today and making a high of 16588 Nifty ended the day at 16520.85. 200 days EMA for NIFTY is at 16520.74. A strong closing above 200 days EMA would have shown that lot of power remains in the rally. Today rally has shown little bit of weakness which bears might exploit tomorrow. Another Green candle tomorrow and a positive close above 200 days EMA on Friday will bring lot of positivity from the sides of both DIIs and FIIs. Nifty is exactly at a crossroad. Thursday and Friday will decide the direction of reminder of the month.

Nifty Supports: 16520, 16412, 16357, 16247 and finally 16160.
Nifty Resistances: 16588, 16675, 16796 and finally 16931.