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Daily Technical View on Nifty

* Nifty recovered smartly from the morning lows to end in the positive on Dec 29.

* Last hour trades for F&O monthly expiry squaring off/rollover and Nifty index weight rejig trades helped Nifty end 0.38% or 68.50 points higher at 18191.

* Volumes in the NSE cash market were the lowest in 6 months for F&O expiry day.

* Broad market indices rose less than the Nifty as focus was on large caps and advance decline ratio ended at 1.18:1.

* Nifty rose on 3 out of the last four days and ended smartly up on the F&O expiry day.

* Nifty rook out the resistance of its 50 days EMA during the last session

* Now the 50 days SMA is placed at 18250, which coincides with the upward sloping trend line resistance.

* Now Nifty could face resistance at 18244-18255 band while 17977 could offer support for the near term.

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