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Daily Technical View on Nifty

* After surpassing crucial resistance of 17428, Nifty has been sustaining above it

* Previous top of 17428 is likely to act as a support for he short term

* Nifty has retraced more than 61.8% of the entire downswing seen from 18096 to 16747

* Trend of the Nifty is bullish as it has made higher top preceded by higher bottom and Index has also been holding above important moving averages.

* Oscillators and Indicators have turned bearish on hourly chart of Nifty, which could lead to small correction in overall uptrend

* However, on daily charts indicators and oscillators have been holding strength

* Considering the overall trend dips should be utilized to initiate fresh longs

* Support zone of 17400-17450 is ideal level to go long with 17200 stoploss in Nifty.

* Relative strength of Banknifty is higher than Nifty on daily and weekly charts

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