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Below is quote on Market Wrap Up - No Action on monthly expiry, Nifty holds 16600 by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

We had a quiet start today owing to muted global cues. In the initial hour, market showed some promising signs; but due to lack of follow up buying, the momentum disappeared all of a sudden. In fact, during the remaining part of the session, Nifty gyrated in a slender range of 80 points i.e. merely half a percent. Eventually, Nifty ended flat well above the 16600 mark.

Despite being a monthly expiry day, there was no action at all in the market, which is rare to see. At one point it looked like as if banking space is going to lead from the front and is likely to push Nifty beyond 16700. But once again it disappointed as we came off sharply to test the sheet anchor support level of 16600. This level proved its significance as we did see Nifty rebounding couple of times after nearing it. For the coming session, 16600 followed by 16500 are to be seen as immediate supports; whereas on the flipside, 16700 remains to be the level to watch out for. From here on, the direction is likely to be dictated by the banking space only and hence, it would be important to keep a close watch on it.

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