Nifty has been trapped in a range of 500 points for more than a month now. This is a slender range considering the fact we are trading at much-elevated levels.

After undergoing some price correction, we witnessed a good relief rally to reclaim the level of 15,800 on a weekly closing basis.

This bodes well for the bulls but considering the recent trend, we are still not out of the woods yet. We should wait for Nifty to surpass the sturdy wall of 16,000.

After this, the next immediate levels to watch out for would be 16,200 – 16,400.

If Nifty has to reach and surpass 16,000, the banking sector will play a vital role. The banking index has to surpass 36,000 if we have to see the benchmark Nifty at new highs.

For Nifty Bank, 35,000 – 35,500 are intermediate hurdles. On the lower side, the cluster of supports for Nifty is placed at 15,700 – 15,550 – 15,450 and for Bank Nifty, 34,200–33,900 are the make or break levels.