NIFTY for tomorrow (26th July) - Rangebound

The channel shows in the photo is being honored by NIFTY so far.

So if the upper channel is broken above (>16700), it will test the Friday's high (16750).

If it retraces below 5 EMA (~16570-75) today's low and 5 EMA, then it will come down upto 16400 (the middle of the channel + near 10 EMA.

It's all depends on Global clue. A Gapup will test 16750 for sure.

A gap down will test 16400.

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