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Daily Technical View on Nifty

Comeback of bulls from the lows..

Observation:After showing weakness from the highs on Friday, Nifty witnessed a sustainable upside bounce on Monday and closed the day higher by 126 points.

After opening with a negative note, the market slipped into weakness soon after the opening. A decisive intraday upside bounce has occurred from the days low of 17098 levels in the early part and the upside recovery continued for rest of the session. Nifty closed near the highs.

A long bull candle was formed on the daily chart, that has placed beside the long negative candle of Friday. Technically, this pattern indicates a comeback of bulls after a consolidation movement of previous session.

The opening upside gap of Friday has been filled and the market bounced back smartly from the support of that gap on Monday. This is positive indication.

Conclusion:Having moved above the immediate resistance of 17260 levels, the Nifty is expected to move towards the next important resistance of 17425 levels in the short term.

Immediate support is now placed at 17100 levels. Any sustainable upside above 17450 levels could bring sharp upside momentum in the market.

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