The Indian market ended at record closing highs on July 15. Nifty settled with a gain of 70 points, or 0.44 percent, at 15,924.20.

RSI plotted on the weekly and the daily timeframes are placed above the 50 mark and moving higher, indicating bulls are in control of the trend.

If the index sustains above the 15,915 mark we might see it rally to 16,000-16,100, followed by 16,400.

Going ahead, the key support level to watch out for from a short-term perspective is 15,600. If the index breaches below this level, we can expect further downside towards 15,450 and 15,100-15,145.