Recording breaking august ended the nifty above 17000 mark. Market indices rose to the record high levels for the second consecutive day on August 31 supported by the IT, power, healthcare and metal stocks. At close, the Sensex was up 662 points at 57552, and the Nifty was up 201 points at 17132.
The
market witnessed the continuation of a positive trend, after sustaining above
the level of 16900. The market has reached an important resistance level of 17100.
It is suggested that if the market sustains above the level of 17100, the
market expects to gain momentum, leading to an upside projection till 17175-17275
level. The momentum indicators like RSI and MACD to stay positive and
market breadth to improve, further strengthening a short-term bullish outlook.
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Resistance: 17175, 17275, 17375
Support: 17075, 16975, 16875
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