Nifty fell for the 6 th consecutive session to close at 16858 - HDFC Securities
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Daily Technical View on Nifty
* Nifty fell for the 6 th consecutive session to close at 16858.
* Nifty slightly closed below its 200 days EMA support of 16882.
* However, decisive close below 200 dema would confirm the support violation
* On hourly chart, Nifty has been making lower top and lower bottom formation
* Hourly MACD has been trading above its signal line
* Hourly RSI has also been rising with positive divergence, which indicates probably.
* Support for the Nifty is seen at 16825, followed by 16600
* Any level below 16600, would be considered bearish for the medium term
* Resistances for Nifty are seen at 17027 and 17200
* Close above 17200 could bring back good times of bulls
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Nifty registers best week in 2 months after rising for 6 consecutive sessions
