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Below is quote on Market Wrap Up - Bulls continues with their relentless run; Nifty ends above 17200 by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking

Nifty started the session marginally positive and it then crept higher throughout the day to post its highest close at 17234 with gains of almost a percent.

The bulls continue with their relentless run and with a broad market participation, Nifty has ended comfortably above 17200. The index heavyweights have seen a good buying interest this week which has led to the acceleration of the momentum. Yesterday, we highlighted that the RSI oscillator on lower time frame charts is overbought and next couple of sessions could be crucial to determine whether there’s any pause in the ongoing trend. As of now, there’s no sign of weakness and hence, we may see the index moving towards its next resistances of 17270 and 17330. The near term support zone is now placed around 17100-17050 for Nifty. Traders are advised to look for sectors/stocks which are in momentum on a given day and trade with the trend in such counters. Also, at higher levels one should look to book timely profits on their trading positions. 

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