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Below is quote on Market Wrap Up - Finally 16000 is a reality, heavyweights leads to reach the milestone by Mr. Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

Nifty started the session on a positive note and surpassed the hurdle of 15970 after a long consolidation. It conquered the 16000 level and achieved a new milestone which led to a buying interest in the index heavyweights. The momentum continued throughout the day and the index ended the day well above 16100 with gains of over one and a half percent.

Nifty finally came out of its consolidation phase and surpassed the 16000 mark which the market participants were awaiting for. As the index breached this hurdle, good buying interest was seen in the large cap stocks which pushed the index higher by the close. The buying interest in the heavyweights certainly bodes well for the bulls and in the later part of the day, the banking space was buzzing and showed signs of a catch up move. If the banking sector continues to gain strength, then it would provide impetus to Nifty as well which should lead to further upmove in the near term. However, since the market has entered uncharted territory, it is better to take one step at a time and focus on pockets which are gaining strength. As far as index levels are concerned, 16200-16400 are the next levels to watch on the higher side, while the support base now shifts higher to 16000-15900.

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