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Daily Technical View on Nifty

Remain Long with 17000 Stoploss

* Nifty continued to consolidate in the narrow range for the 8th session on the trot.

* However, Nifty has managed to close at the highest point of the current upswing. Ø In last half an hour, Nifty broke out from the entire day’s range of 17235-17322.

* Indicators and oscillators have been improving day by day and it is expected that Nifty would soon surpass the crucial resistance of 17500.

* Above 17500, Nifty could move towards next resistance of 17640.

* Recent swing low of 17000 is expected to act a support and same can be kept as a stoploss in Nifty trading longs.

* A level above 20, 50, 100 and 200 days EMA indicates bullish trend on all time frames for Nifty.

* To conclude, the trend of the Market is bullish and chances of moving up from the current consolidation looks much higher than moving down. Therefore, we recommend to remain bullish on markets with 17640 and 17794 targets. However, longs should be protected with 17000 stoploss in Nifty.

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