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Daily Technical View on Nifty

* Nifty snapped its six-session winning streak on Sept 27 after hitting its highest level of 26277.35 points.

* At close, Nifty was down 0.14% or 37.1 points at 26178.9.

* Cash market volumes on the NSE were up 36.2% compared to the previous day partly due to Nifty rebalancing volumes.

* Broad market indices ended marginally in the positive even as the advance decline ratio rose to 0.99:1.

* Nifty stayed in a 126 point range on Sept 27 and formed a small negative candle.

* After a series of upticks, Nifty seems to have taken a breather.

* Nifty could now face resistance from the 26250-26475 band on the upside, while 25849 could offer support in the near term.

* BankNifty has formed bearish “shooting star” candlestick pattern on the weekly chart. However, bearish implication of the same would be confirmed once it breaks the low of candle, which is placed at 53741 in spot.

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