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According to Shrikant Chouhan of Kotak Securities, if the Nifty50 crosses the level, the uptrend could continue up to 16,825-16,950 levels.

The market after initial hours of volatility gained strength and traded higher for rest of the session to hit a fresh record high intraday on August 27, the first day of September series. All sectoral indices closed in green with IT, Metal and Pharma being the leader.

The benchmark indices ended at record closing high. The BSE Sensex rose 175.62 points to 56,124.72, while the Nifty50 climbed 68.30 points to 16,705.20 and formed bullish candle on the daily charts. The index gained 1.55 percent for the week and witnessed bullish candle formation on the weekly scale.
Technically, post the short-term correction Nifty has maintained higher high and higher low series formation and after a strong pullback rally, the index is currently trading near the breakout level. The texture of the chart suggests that the 10 days SMA or 16,550 would be the sacrosanct level for the breakout," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

According to him, if the index crosses the level, the uptrend could continue up to 16,825-16,950 levels. On the flip side, "dismissal of 16,550 may trigger temporary weakness till 16,375-16,300 levels," he said.

The broader markets outperformed frontliners with the Nifty Midcap 100 index rising 1.06 percent and Smallcap 100 index climbing 0.77 percent.

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