For Nifty IT, the immediate support comes in at 16,400 levels on a closing basis and the rally should move towards 17,500 and 17,700 levels.
One should refrain from creating any aggressive long position in Nifty at higher levels
The current market scenario indicates that soon benchmark indices Nifty50 and BSE Sensex will witness crossover of three moving averages (in a closer distance) - 50-day moving average (DMA), 100-DMA.