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Daily Technical View on Nifty

* Nifty recovered losses to end higher on March 20. ? At close, Nifty was up 0.1% or 21.7 points at 21839.1.

*  Cash market volumes on the NSE fell further to Rs.0.81 lakh cr.

*  Broad market indices also ended flat even as the advance decline ratio rose to 0.75:1.

*  Nifty formed a long legged doji on March 20 after a fall signifying possibility of a small bounce.

*  Although on an intra day basis, Nifty fell below 21750, it did not close below it.

*  Nifty could now stay in the 21710-22065 band for the near term.

* The high and low made on 20th March becomes crucial levels to watch out for. The high is placed at 21930, close above which could turn the trend to bullish, while break bellow the low of 21710 would resume the down trend.

Nifty – 60 min Timeframe chart

Nifty – Daily Timeframe chart

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