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Daily Technical View on Nifty

Nifty Likely to test 17300

* Nifty surged more than 300 points and closed at 16975.

* At 17011, Nifty will complete 50% retracement of the entire downswing seen from 18300(Top of 18th Jan 2022) to 15671(Bottom of 8th March 2022).

* Above 17011, next resistance comes in at 17327, which happens to be 61.8% retracement of the major downswing.

* Previous resistance of 16800 has interchanged its role as a support.

* Traders are advised to hold long positions with 16800 stoploss.

* Daly RSI has reached above benchmark level of 50, which encouraging sign for bulls

* Daily MACD is also trading above its signal line

* Realty , NBFC, and Banks are looking strong on the charts and expected to outperform

* On hourly charts, Nifty broke out from the consolidation during last hour of yesterday’s trade and same is expected to push Nifty towards next upside target of 17300 odd levels

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