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Daily Technical View on Nifty

* Nifty closed in the positive on Dec 13 after a flat session on Monday.

* Nifty kept inching up through the day after a higher opening and closed 0.60% or 110.9 points higher at 18608.

* Broad market indices rose less than the Nifty even as the advance decline ratio stayed up at 1.15:1.

* Nifty rose for the second consecutive session, to close at 18608.

* After witnessing a correction of more than 540 points from the recent swing high of 18887, Nifty has started recovering.

* Nifty has managed to close above its 20 days EMA, which indicates bullish trend.

* Nifty has broken out from downward sloping trend line on the hourly chart, which indicates bullish trend

* Above 18664, Nifty would result in to “Flag” pattern breakout on the daily chart

* Long positions should be held with the stoploss of 18410.

* Any close above 18730, would confirm the resumption of an uptrend, which could pull the index towards new all-time high.

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