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Daily Technical View on Nifty

* Nifty went through yet another choppy day of trade and closed with no clue for the trend direction.

* The level of 17430 is an important support level for Nifty.

* Any level below 17430 will confirm lower top and lower bottom formation.

* On the higher side, 17920 is a crucial resistance and unless that is taken out, aggressive longs should not be taken.

* Amongst the sector, Nifty Media, FMCG and Auto were the top gainers while Nifty bank and OIL/Gas were the major losers.

* Nifty Midcap 100 and Smallcap 100 bucked the trend by gaining by 0.3% and 0.6% respectively.

* Advancing shares outnumbered the declining shares where advance decline ratio stood at 1.12 on BSE.

* For the last 6 consecutive weeks, Nifty has been consolidating in the narrow range of 17500-17950 on a weekly closing basis. ? Any decisive breakout from this range would give directional move to the Nifty.

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