nifty filled the gap -now profit booking coming

Nifty has crawled up to fill the gap--shorts out of the way, FII's preparing to wreck havoc now? Market lacks momentum to cross and sustain above 16300. Global worries on OIL etc remain. Ukraine showing some stand down on their rigid position--may be too little too late.
Long consolidation within a range since morning--a sell off could make a breakdown and a panic selling could follow? what do you think?
Chart PatternsTechnical Indicatorsnifty50Trend Analysis

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