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Daily Technical View on Nifty

* Nifty has risen for the 8 th consecutive session, to close at fresh all time high 18812

* Nifty is in continuation of an uptrend

* Nifty is placed above all important moving averages, which indicates bullish trend on all time frames

* Breadth of the market has remained positive

* Supports should be utilized to create fresh long positions

* Indicators like MACD and ADX have been showing strength in the current uptrend

* RSI on the daily chart has reached overbought zone. However there is no sign of negative divergence

* On the Weekly Chart, Nifty has broken out from the bullish “Inverted Head and Shoulder” pattern, which projects the healthy upside for Nifty in the Medium to long term

* Neck-Line Breakout of Inverted head and shoulder pattern came at 18100 levels, which now becomes the strong support for the Nifty in case of major correction.

* As far as short term support is concerned, previous swing high placed at 18442 is an important level to watch out for. Next Targets for Nifty are seen at 19274 and 19962, which happens to be the 78.6% and 100% Fibonacci extension levels, if we consider major swings seen in last 6 months.

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