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Daily Technical View on Nifty

* Nifty ended in the positive on March 27 after two loss days, though it closed much lower than the intra day high. At close, Nifty was up 0.24% or 40.7 points at 16985.7. Broad market indices ended in the negative as the advance decline ratio fell to 0.29:1.

* Primary and intermediate trend remains weak as Nifty is trading below its 100 and 200 day EMA. Weekly momentum readings like the 14-week RSI too are in decline mode, indicating the bears are in control.

* During the last 10 trading sessions, Nifty found resistance in the range of 17200-17225 multiple times. This level coincides with the 20 day EMA which is currently placed around 17235 level. Therefore, short term trend will remain bearish till Nifty closes above 17235 levels.

* On the upside 17235 could act as an immediate resistance for Nifty. We may see upside momentum only If Nifty manages to surpass 17235 convincingly. Above 17235, Nifty could move towards next resistance level of 17324 and 17530

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