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Daily Technical View on Nifty

Remain Long with 17100 Stoploss​​​​​​​

* After gap up opening of more than 90 points, Nifty did not hold morning gains and fell more than 240 points from day’s high of 17442.

* Bank Nifty witnessed a fall of more than 750 points from day’s high and closed near day’s low.

* For last 4 consecutive sessions, BankNifty has been failing to close above its 50 days EMA, placed at 36403.

* However, Nifty and Bank Nifty both are still holding above their 5 days EMA placed at 17138 and 35971 respectively. Ø Amongst the sector, Auto, Banks and Reality were the losers while Nifty Metal and OIL/Gas Indices ended in the green.

* Though, declines outnumbered the advances where advance decline ratio stood at 0.76 on BSE, Nifty Midcaps Index closed in the green indicating stock specific market.

* While NSE Cash volumes were lower by 7% as compared to last ten-day average, F&O volumes were higher by 11%, suggesting actions were there mainly in F&O stocks

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