The market looked a bit tentative in the first half of the last week, especially the broader market, as we witnessed a healthy correction in the Nifty Midcap 50 index.

At one point, it was on the cusp of violating recent swing lows but fortunately, it got its mojo back and managed to recover a fair bit of ground towards the end.

Going ahead, things are going to get tougher because from hereon we are likely to see a lot of sector churning every now and then.

Nifty has reached 16,500 without the participation of the banking space. It would be interesting to see how things pan out going ahead.

Also, it would be unfair to expect a similar pace from Nifty to reach new milestones.

There is no sign of weakness but we reiterate when things start to look hunky-dory everywhere, wise traders choose to take some money off the table

We second this as we advise continuing with a 'one step at a time' approach and keep booking timely profits in the rally.

As far as levels are concerned, support is placed at 16,200 – 16,170 and 16,400 – 16,300.

On the upside, it’s hard to project any level as we have entered uncharted territory. Still, every 100 points rally from hereon should be treated as the upside range.