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Below is quote on Market Wrap Up - NIFTY once again holds the key support of 16200 by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

Today’s session was a replica of yesterday’s price action as we saw a positive opening first which was then followed by some profit booking around the mid-session. However the latter half once again becomes the saviour for the bulls. Market saw a smart recovery for the third straight session after entering a strong support zone of 16200 – 16170 and eventually concluded with negligible gains. 

The major culprit in today’s intraday weakness was the overall nervousness in the banking space. In addition, the recent draggers, mid and small cap baskets were feeling the heat in the first half and at one point, it was on the cusp of a breakdown from short term swing lows. Fortunately, the banking stabilised at its supports and although, it did not recover much, other heavyweights stocks provided the helping hand. The broader market importantly witnessed a v-shaped recovery which gave a sigh of relief for the market participants. Apart from this, the real star was the ‘Metal’ basket today as we witnessed a spectacular come back after 2 – 3 days’ of small profit booking. Now as far as levels are concerned for Nifty, 16320 – 16360 remains to be a sturdy wall for the weekly expiry; whereas the support is clearly visible at 16200 – 16170.

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