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Daily Technical View on Nifty

* Nifty gave up the gains of the morning after a gap down opening and ended in the negative on March 23.

* At close, Nifty was down 0.44% or 75 points at 17076.9. Nifty could not build on the two day gains.

* 17200-17225 is proving to be a tough resistance. On falls, 16985 could provide support.

* If Nifty does not resume the uptrend on March 24, then the short term top would have been made at 17207

* BankNifty has got strong resistance at 40200 and unless that is taken out, trend can remain bearish

* If Nifty remain range bound in today’s session then, there is a chance of a formation of “Doji” candlestick on the weekly charts, which indicates the probable bullish trend reversal after healthy fall.

* At present around 36% stocks trading below their 200 DMA, which indicates weak breadth in the market

* Indicators and oscillators like RSI and MACD have turned bearish on the hourly chart

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