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Daily Technical View on Nifty

* Nifty has finally broken out from the consolidation range by surpassing the crucial resistance of 17777 ? BankNifty has closed at highest level since 27th Oct 2021

* Nextresistance forNifty spotisseen at 17992

* SupportforNifty has now shifted up to 17484

* By surpassing 17778, Nifty has confirmed resumption of mediumtermuptrend.

* Indian markets have been outperforming global marketsin the cent past.

* Nifty has outperformed in most of the developed and emerging markets in last one month. Icing on the cake is that Small cap Index has started participating after nice run up of largecaps from the bottomof June 2022 bottoms.

* Breadth of the market has been improving day by day. Number of stocks their 200 DMA and number of stocks making new 52 week highs for NSE500 Index have been improving on consistent basis. Advance decline ratio has also been great in last few trading sessions. Strong breadth indicates healthy bullmarket.

* Nifty Smallcap Index reclaimed its level above 200 days EMA after long time and Index has also broken out from the downward sloping trend line on the weekly charts.

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