Market setup: 16,450-16,500 now a well-defined resistance for Nifty

Indian equity benchmarks BSE Sensex and NSE Nifty50 are likely to open higher on Tuesday, shrugging off sluggish moves in other Asian markets.

Now the market is tough, and one has to survive it. Just in the near term, the 20-day exponential moving average is what the Nifty tested and it sort of rejected that which establishes a bit of a halt. 16,450-16,500 now becomes resistance for Nifty.