Meanwhile, the market's attention in the next few weeks will shift to the outcome of the Gujarat assembly election and the monetary policy action of the Reserve Bank of India (RBI)
Above 15,900, Nifty could move towards 16,300 target, while any level below 15,673 could drag Nifty towards 15,500 support
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.