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Daily Technical View on Nifty

* Nifty has surpassed the crucial resistance of the previousswing high placed at 17992.

* Nifty has also broken out from the downward sloping trend line, which adjoins major swing highs on the weekly chart.

* Supportforthe Nifty hasshifted up to 17777.

* Breadth of market was not that encouraging as throughoutthe day decliners kept of on rising

* Nifty Midcap and Small cap indices witnessed a profit booking fromthe higherlevels

* Most important factor which is not supporting the further bullishness in the market is the weak global cues

* Yesterday, U.S markets plunged and closed on a weak note ? Indian Markets have been outperforming and has remained resilientin last couple of months

* We still can outperform, but can not rule out the possibility of sharp correction from the current levels.

* Previous resistance level of 17777 is the first supportinNifty.

* Below 17777, Nifty could slidedown to 17500

* Resistance for the Nifty is seen at 18100 odd levels.

* View for the day is bearish for Indices. However stock specific buying could emerge at lower levels as primary trend of Indian markets is bullish.

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