NIFTY - lower end of Parallel Channel

As you see in this chart, nifty50 is clearly respecting the parallel channel which start from the previous year march low.

In short it is consolidating in a close range of 15600-15900, breaking the upper side may elevates the price to 16500 levels.

Breaking the lower end of channel will bring down the price to 15500 levels, which act as a strong support as per the OI data of this month.