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Daily Technical View on Nifty

* Nifty continued its upward journey for the third session in the row on the back of strength in Reality, Technology and consumer durable stocks.

* On the weekly chart, Nifty broke out last week from the downward sloping trend line, adjoining the highs of 2021 and 2022.

* Nifty is placed above its 20,50, 100 and 200 days EMA on the daily chart, which indicates bullish trend on all time frames.

* Weekly RSI(11) for the Nifty is placed around 60 levels which is still far from overbought zone, which indicatesroomformore upside.

* Daily ADX(10) has been rising and placed at 35, below the extreme momentum levels. With upward sloping ADX and +DI placed above –DI on the daily chart, we can expect Nifty to extend the gainsfromthe current levels.

* Nifty Midcap and Smallcap Indices have outperformed the Nifty by gaining by 2.7% and 4.7% as compared to 1% rise in the Nifty till now in the September month. We expect their outperformance to continueforthe coming days

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