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Daily Technical View on Nifty

* Lackluster moves in the indices hides more than it reveals. Benchmark Nifty index remained range bound for the fourth consecutive day and closed with a minor gain of 31 points or 0.13% at 24641.8 levels. Momentum and volatility remained shallow as markets remained in the narrow range of 250 odd points through these four days.

* Advancing shares have outnumbered declining shares for the fourteenth consecutive day, with an advance-decline ratio of 1.17 on the BSE. This marks the first time in a decade that advancing shares have surpassed declining shares for fourteen straight days. Broader markets have continued to outperform. Nifty Smallcap 100 index has registered fresh all-time high in today’s trading session. Nifty Midcap 100 and Small cap 100 Indices rose for the fourteenth day on the trot where they gained by 0.27% and 0.38% respectively.

* Short term trend is still bullish as it is placed above its 5, 10 and 20 days EMAs. Short term support for the Nifty is seen at 24500, while resistance for the same is seen at 24750. A decisive move above 24750 is likely to open the next upside of around 24900 in the near term

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