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Daily Technical View on Nifty

* Nifty fell for the third consecutive day on Dec 22, falling straightaway after an up gap open.

* After a feeble recovery post 1250 Hrs, Nifty finally closed 0.39% or 71.8 points lower at 18127.4.

* Broad market indices once again fell more than the Nifty even as advance decline ratio remained low at 0.23:1.

* Global equities mostly rose for the third day, as better-than-expected US consumer confidence data and China’s renewed pledge to prioritize economic growth lured more investors back into stocks and other riskier assets.

* Nifty is feeling pressure on rises as investors rush to take profits and raise cash ahead of the month, quarter and calendar year end.

* Indicators and oscillators have been showing weakness in Nifty and BankNifty.

* It is now reversing its outperformance vis-à-vis the other markets. Nifty could gradually fall to 17839 on the downside while 18244-18340 could be tough to cross in the near term.

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