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Daily Technical View on Nifty

* Nifty has been consolidating in the range of 17400-17600 forlast few sessions.

* Nifty made a short term top at 17778 on 30th August 2022 and that becomes the near term resistance forNifty.

* For confirmation of medium term uptrend resuming, Nifty has to surpass the 17800 resistance. On the down side 17400 and 17150 are crucialsupportstowatch outfor.

* Indian markets have been resilient so far against the global marketuncertainty.

* Nifty has outperformed in most of the developed and emerging markets in last one month. Icing on the cake is that Small cap Index has started participating after nice run up of largecaps from the bottomof June 2022 bottoms.

* Breadth of the market has been improving day by day. Number of stocks their 200 DMA and number of stocks making new 52 week highs for NSE500 Index have been improving on consistent basis. Advance decline ratio has also been great in last few trading sessions. Strong breadth indicates healthy bullmarket.

* Nifty Smallcap Index reclaimed its level above 200 days EMA after long time and Index has also broken out from the downward sloping trend line on the weekly charts. ? Nifty is expected to resume its uptrend, if it is able surpassthe hurdle of 17800.

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