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Daily Technical View on Nifty

Nifty continued its downmove on Mar 02 after a one day rise, pulled down by weak Asian cues.

At close, Nifty was down 0.74% or 129 points at 17321.9.

Volumes on the NSE were higher than recent average helped by bulk deals in Adani group stocks.

Broad market indices fell less than the Nifty even as advance decline ratio fell to 0.75:1.

Nifty needs to protect 17255 in the near term to avoid further acceleration in selling.

On upmoves, 17440-17468 band could offer resistance.

Midcap and Smallcap indices are placed stronger technically

Far resistance for Nifty is placed at 17720- 17750 

Oscillators have turned oversold on the short term charts and sharp bonce back in the benchmark indices can not be ruled out

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