Nifty spot chart analysis for 16.08.2022

Nifty is standing just inside a strong resistance zone of 17684 to 17731.

if nifty moves above 17731 then it may also cross 17780 and may reach to the level of 17829.

between 17829 to 17880 is an Extremely strong resistance.

if nifty crosses over 17880 then it may reach to the level of 17926.

if nifty moves down below 17684 then it may also cross 17635 and may reach to the level of 17586.

if nifty moves down below 17586 then it may also cross 17535 and may reach to the level of 17489.

If nifty crosses down 17340. then it may take bounce back from bounce back zone.

IT IS HIGHLY UNLIKEY THAT NIFTY WILL CROSS 17932 AND REACH TO THE HIGHER LEVELS.