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Daily Technical View on Nifty

* Nifty swung between gains and losses to end Sept 06 higher. At close, Nifty was up 0.18% or 36.2 points at 19611.1.

* Volumes on the NSE were on the higher side compared to the recent average.

* Smallcap index ended marginally in the negative underperforming the Nifty after a gap. Advance decline ratio fell but remained above par at 1.07:1.

* Nifty made another high wave candle on a positive day. It showed a good recovery from lower levels for the second day in three.

* Slow upmove seems to be continuing and the broader market seems to be giving charge to large caps.

* Nifty has surpassed previous swing high resistance of 19584 on daily chart, which augers well.

* On the weekly charts, Nifty has broken from the bullish “Flag” pattern, which indicates continuation of an uptrend. Traders are advised to hold Nifty longs with 19450 stoploss.

* At present more than 87% of stocks are trading above their 200 DMA in NSE500, which indicates strong market breadth.

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