In the last couple of trading sessions, we have witnessed profit-booking in Nifty near lifetime high levels.

It moved below 15,700 but sustained above the 20-day simple moving average (SMA) which indicates the primary bullish trend is intact for the short to medium term.

On the weekly timeframe, Nifty has been forming an indecisive candle pattern for the last three weeks.

This shows fatigue in market sentiment at higher levels which can cause some correction if the Nifty breaches the 15,430 level.

The index remains above the 50, 100 and 200-say simple moving averages.

The RSI plotted on the daily timeframe can be seen turning down from the overbought zone which confirms that the bullish momentum has weakened and we may see some profit-booking in the market at least for the short term.

The key support levels for the short term are 15,430 and 15,145. The key resistance level is 15,901 and if the index sustains above this level, we might see it head higher towards 15,986 and eventually 16,687.