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Daily Technical View on Nifty

Remain Long with 17350 Stoploss

* Nifty broke the three session’s winning streak, falling marginally by 0.17%, to settle at 17468

* It turned out to be dull trading session, especially on the monthly expiry day and the last day of the financial year.

* Candlestick with small body was formed, where very less move was observed during the session

* Breadth of the market was slightly negative with 9:11 advance decline ratio at NSE.

* Nifty is holding its level above its 20, 50, 100 and 200 DMA, which indicates bullish trend on all time frames

* Immediate support for the Nifty is seen at 17350

* Far support for the Nifty is seen at 17123, which happens to be the 50 days EMA

* Resistancesfor Nifty are seen at 17639 and 17794

* Indicators and oscillators have been improving day by day and it is expected that Nifty would extend the gains from current levels.

* We recommend to remain bullish on markets with 17639 and 17794 targets. However, longs should be protected with 17350 stoploss in Nifty.

Nifty – 60 min Timeframe chart

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