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Daily Technical View on Nifty

* Nifty went through yet another choppy day of trade and closed with no clue for the trend direction.

* Nifty has been falling for last four trading sessions. From the recent high of 18096, Nifty has witnessed a fall of more than 1100 points towards 16978.

* On 26th September, by falling almost 300 points in a session, Nifty has completed the 38.2% retracement of the entire upswing seen from 15183(June Bottom) to 18096(Sep Top).

* Nifty has breached crucial support of the previous swing low of 17166 and the same is expected to interchange its role as a resistance going forward.

* Next support for Nifty is seen at 50% retracement placed at 16640. Positional resistance for Nifty is seen at 17500 odd levels.

* Indicators and oscillators like RSI, MACD and DMI have turned bearish on the daily charts. Daily RSI has reached to the level of 37, which is still not at the oversold level and therefore we can expect some downside from the current levels.

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