Nifty ended 0.65 percent higher at 15,737.75 on June 10.

On the weekly timeframe, the index is maintaining its bullish formation of the higher top higher bottom which means the medium to longer-term uptrend is still intact but some correction may happen in the short term.

It remains above the long-term moving averages of 50, 100 and 200-day SMA. Momentum indicator RSI plotted on the daily timeframe can be seen turning down from the overbought zone which indicates bullish momentum has lost and we may see some profit-booking in the market in the short term.

The key support levels to watch out for in the short term are 15,374 and 15,145.

On the upside, key resistance levels are 15,800. If the index sustains above this level, we might see the index head higher towards 15,986 and 16,687.

We believe that the long-term bullish trend is intact but in the short to medium term, we might see some profit booking in the index.

If the Nifty goes below 15,500 we can see some correction till 15,374 – 15,145 levels.