Nifty has been moving higher while remaining around the upper band of the rising channel on the dail

Nifty has been moving higher while remaining around the upper band of the rising channel on the daily timeframe. The trend remains positive; however, the proximity to the resistance level attracts selling pressure in the market. Over the short term, the Nifty may witness a consolidation. On the lower end, support is visible at 16500; while resistance is likely to be there at 16750-16800.

The Bank Nifty has moved above its previous swing high on the daily chart suggesting an increased bullishness in the space. The RSI indicator is also indicating a positive momentum. Over the short term, the stock is likely to move towards 37700. On the lower end, support is visible at 36000.