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Nifty

Nifty after making ‘shooting star’ candlestick formation followed up by hammer andclosingnearits high shows strength and recovery from the bulls. Momentum oscillator RSI_14is at 51inneutral zone. Immediate resistance is near the uptrendline around 17600 whilenext resistanceisat 17880. Support comes at 17400 while strong support is near the lower trendlinearound17140. ADX meanwhile is showing divergence by curving downward. Any upsidemomentumwillgather pace after breach of 17600 and if Nifty breaches below 17600, then we may see it correcting back till 17400.

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