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Daily Technical View on Nifty

* Nifty rose on March 29 aided by positive global cues on a F&O expiry day. ? At close, Nifty was up 0.76% or 129 points at 17080.7.

* Broad market indices rose more than the Nifty even as the advance decline ratio rose to 2.43:1.

* On an F&O expiry day, NSE cash market volumes were the highest in 6 months while NSE F&O volumes were the lowest in 3 months.

* Nifty, as expected, seems to have made a short term bottom.

* It has closed at the highest in 5 days. 17207- 17255 could be the next resistance for Nifty while 16985 could be a support. ? Above 17255, Nifty could extend the pullback toward 17500 resistance

* Indicators and oscillators have turned bullish on short term charts

* Traders are advised to turn bullish and cut the short positions in index

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