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Daily Technical View on Nifty

* Nifty snapped a five day fall in a volatile session on March 16.

* In the process it rebounded from the brink of a technical correction (10% fall from the recent high which is also the all time high).

* At close, Nifty was up 0.08% or 13.5 points at 16985.6

* Volumes on the NSE improved a bit.

* Broad market indices ended in the negative even as the advance decline ratio fell to 0.69:1.

* Nifty formed a long legged Doji after a fall, hinting at a short term reversal to upside. It could rise towards 17224 over the next few days.

* Nifty is currently trading below its 20,50, 100 and 200 DMA, which indicates bearish trend on all time frames

* However short term pullbacks can not be ruled out

* Immediate resistance for Nifty is seen at 17255.

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