Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan, said the index is headed towards the 16,800 level. "The level of 16,800, which was our medium-term target earlier, now becomes the short-term target and the medium-term target has been raised to 17,500. Thus, the short-term traders are recommended to hold on to their long positions and ride the trend for higher targets," he said.
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Mazhar Mohammad of Chartviewindia.in said the near-term trend may remain directionless, as Nifty50 appears to be in a new trading range between 16,350-16,160.
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