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Daily Technical View on Nifty

* Nifty fell for the fifth consecutive session on March 15 as worries over banking contagion in the developed world continued to hurt sentiments.

* At close Nifty was down 0.42% or 71.2 points at 16972.2. Volumes on NSE were below recent average. Broad market indices did better than the Nifty even as the advance decline ratio remained at 0.78:1.

* Nifty failed to build on the opening gains on Mar 15 and ended in the negative.

* 16747-17166 could be the trading range for Nifty in the near term.

* The day when Nifty has a Gap up opening and closes near day’s high could signify a short term reversal.

* 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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