NESTLEIND - At Supports ... Ripe for a bounce

NESTLEIND is at levels wherein supports come in from multiple sources. (16,000-16,150) is the range wherein we can notice clear supports from erstwhile lows and the 38.2% Fibonacci Retracement. Considering the fact that the stock has been under-performing the benchmark Nifty for past few weeks now, there is a high chance that the stock will attempt a bounce back. Look for a move above 16,300 which can infuse buying impetus for a move towards 17,200 and 17,600.