Nifty 16263 - As we posted ,last hour trading on 6th Aug was a trap for retail sellers as short covering lead to a high of 16320 and has immediately reversed below 16296 as Operators have initiated fresh shorts at 16300. We expect Nifty will move further down 16175 and a break below will take down to 16065.
Keep watching the 16210-16175 zone for possible entries.