Global indicators did not favor bulls as most Asian and western markets traded on concerns over rising geopolitical tensions between the US and China. In addition, economic data point to a drop in demand, and important markets around the world are reacting to fears of a recession. However, the domestic market has proved resilient thanks to increased demand for heavyweights and a strengthening of the Indian rupee, supported by falling US Treasury yields and FII buying. The Sensex closed 21 points higher at 58135. The 30-day stock indicator fell nearly 400 points to an intraday low of 57,744 before erasing losses. The Nifty gained 5 points to 17345. On the technical front, Nifty has formed a doji candle of sorts on a daily chart, indicating indecisiveness between buyers and sellers. Nifty has met resistance from the horizontal line i. e. The 17450 levels crossing above are very important for further rally. Momentum indicators MACD and Stochastic traded with a positive crossover on a daily timeframe, suggesting strength in the meter. Support for Nifty has shifted around the 17200 level while 17,400 on the upside could act as an immediate barrier. On the other hand, Bank sent support at 37800 while resistance stands at 38700. Overall bullish momentum is intact as cunningly holds the 17,000 level, a breach of 17,500 may indicate further up rally on the meter.
Resistance: 17400, 17500, 17600
Support: 17300, 17200, 17100
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