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NIFTY

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 17081 with a gain of 129 points. On the daily chart index has formed a sizable bullish candle and has closed above its previous session's high representing positive bias ahead. 16850-16700 is a crucial support zone as it’s a confluence of the lower band of medium term falling channel from all time high and low of Oct-Sep 2022. The chart pattern suggests that if Nifty crosses and sustains above 17200 level it would witness buying which would lead the index towards 17300-17400 levels. Important Supports for the day is around 17000 However if index sustains below 17000 then it may witness profit booking which would take the index towards 16900-16800 levels. Nifty is trading below its 20, 50, 100, and 200-day SMA which indicates negative bias in the short to medium term. Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias ahead if sustain above its reference line. . The trend deciding level for the day is 17050. If NIFTY trades above this level then we may witness a further rally up to 17160-17235-17345 levels. However, if NIFTY trades below 17050 levels then we may see some profit booking initiating in the market, which may correct up to 16970-16865-16785 levels.

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