For the week ended July 16, Nifty added nearly one and half a percent to the previous weekly close.

Last week concluded at a new high that bodes well for the bulls. Now, 16,000 is merely a formality and if there is no aberration on the global front, we would see the market reaching the millstone in the first half of this week only.

After this, 16,200 is the next level to watch out for. We reiterate that if this assumption has to turn into reality, the banking space needs to contribute.

The moment the banking index crosses the 36,000 mark, we would see Nifty hastening beyond the magical figure of 16,000. The levels of 15,800 and 15,630 are the key supports for Nifty.

One needs to keep in mind that any sustainable move below 15,630 would apply brakes on the ongoing optimism and we may then see some corrective moves in the market in the short term.