Nifty was up 0.70% or 119.1 points at 17107.5 - HDFC Securities
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Daily Technical View on Nifty
* Nifty rose for 3rd day out of past four sessions on March 21 aided by overnight gains in the US markets.
* At close, Nifty was up 0.70% or 119.1 points at 17107.5. Volumes on the NSE did not expand despite gains in the Nifty.
* Broad market indices rose less than the Nifty even as the advance decline ratio rose to 1.37:1.
* Nifty followed up on the upside post the hammer formed on the previous day.
* Nifty has formed higher top and higher bottom on the daily line chart, which indicates bullish trend reversal for the short term.
* Nifty has closed above its 5 days EMA, which is the first sign of trend reversal.
* A move about 17146 could take the Nifty to 17255 in the near term. On falls 16985 could offer support.
* Long to Short ratio by FII in Index Future reached to the oversold zone and therefore we can expect sharp short covering in benchmark indices.
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