Relative strength of Banknifty is higher than Nifty on daily and weekly charts - HDFC Securities
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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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