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Daily Technical View on Nifty

• Nifty 50 ended at the highest closing level on Sept 17 after a narrow range day.

• At close, Nifty was up 0.14% or 34.8 points at 25418.6. Cash market volumes on the NSE were flat compared to the previous session.

• Broad market indices ended marginally in the negative even as the advance decline ratio fell to 0.62:1.

• Nifty formed a small sideways doji candle resulting in three days of narrow range moves.

• Nifty is in the process of consolidating ahead of the big event.

• A breakout of 25292-25442 band could result in sharper move in that direction.

• An upward sloping trend line adjoining the previous two swing highs of 25078 and 25333 is giving strong resistance in the zone of 25450-25500.

• A breakout from this trend line resistance would bring back the bullish momentum

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