Nifty midcap and Smallcap Indices outperformed the benchmark Indices as they ended with the gains of 0.59% and 0.43%. - HDFC Securities
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Daily Technical View on Nifty
Remain Long with 17000 Stoploss
* For last 5 trading sessions, Nifty has been consolidating in the narrow range of 200 odd points on closing basis.
* Nifty midcap and Smallcap Indices outperformed the benchmark Indices as they ended with the gains of 0.59% and 0.43%.
* Though, declines outnumbered the advances where advance decline ratio stood at 0.75 on BSE, positive Midcaps and Smallcap Indices indicates stock specific market.
* On the down side 50 days EMA has been acting as a support, which is currently placed at 17074. Ø Resistance for Nifty is seen at 17484, which happens to be the 61.8% retracement of the entire downswing seen from 18604 to 15671.
* BankNifty continued its underperformance, as it plunged more than 1.7% against minor fall in Nifty. Ø Any level below 35300 in BankNifty could invite some more selling in the index.
* IT, Metals and Energy sectors are looking strong on the short term charts, While Banks and Auto could remain under pressure.
* Nifty should be held long with 17000 stoploss.
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