Nifty has closed below its 200 DMA and has taken support from its 16480 level.
On hourly time frame, looks bearish and can remain bearish on a smaller time frame.
A perfect bearish trend is being formed on 15 minute time frame and market has closed between 20 and 200 ema.
support :- 16324, 16485
Resistance :- 16680, 16825
The market can remain bearish and can fill the pending gap.
Wait for the price action before entering the markets.
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