Nifty ends above 17,200, Sensex gains over 500 pts led by IT, FMCG stocks
Markets were back in action after yesterday's small correction and benchmark Nifty found support near 17050 level. After a muted opening the index successfully cleared the intraday resistance of 17150 and is comfortably trading above the same which is largely positive. The intraday rally indicates further uptrend from the current levels but the market has formed a double top kind of formation. For the trend following traders, 17150 would be the key support level, and above the same the uptrend structure could continue up to 17300-17350 levels. On the flip side, if the Nifty slips below 17150, it may trigger a quick intraday correction till 17100-17075 levels.