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After a gap-up opening on Tuesday, the nifty continued the upward move throughout the day and gained more than 1.58% to close at 17176 levels. While Banknifty closed the session at 36618 with a gain of 882 points. On an hourly chart, the index has taken support from the rising trendline and closed above the same, which adds strength to the counter. On four hourly charts, the index has formed a doji kind of candle, which suggests indecision between buyer and sellers. Moreover, an Hourly Momentum indicator MACD was trading with a positive crossover, which suggests the bullish movement is intact. At present, the nifty has support at 16950 levels while resistance comes at 17250 levels, crossing above the same can show 17350-17500 levels. On the other hand, Bank Nifty has support at 36000 levels while resistance at 36900 levels.
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Resistance: 17450, 17300, 17350
Support: 17200, 17150, 17100
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