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A strong move beyond 16,500 would take the index to the zone around 17,400. The medium-term trend would turn negative only on a close below 14,600.

The nervous trading witnessed over the last four sessions indicates that there can be a short-term decline before the index makes further progress. Supports for the week would be at 16,020, 15,770 and 15,360. Short-term traders can buy in declines as long as the first support holds. Upper targets for the week would be 16,430, 16,541 and 16,722.

Text & Images: Business Line

Also see: Week ahead: Market likely to track global cues