Nifty view

On Tuesday, Nifty opened with a gap-up at around 17,298.65 level.

On Tuesday, Nifty opened with a gap-up at around 17,298.65 level, and thereafter, the index oscillated in a range only to witness buying pressure in the last half an hour of trade, which helped the index to cross the level of 17,300. Moreover, the index closed above its highest closing in eight trading sessions.   

Nifty index witnessed a bullish pin bar candlestick pattern in the previous session, which is a bullish reversal pattern. It has a long lower shadow that indicates buying interest at lower levels and also, carries a small real body, which is bullish in nature. Furthermore, from the last eight trading sessions, Nifty has been trading in the range of 17,000 to 17,450.   

The chart pattern suggests that if Nifty crosses and sustains above 17,400 levels, it would result in a fresh breakout, which is slightly to take the index towards the 17,700 mark. Meanwhile, a failure to hold above the level of 17,200 would take the index towards the lower end of the range i.e. 17,000. 

The 14-period RSI is rising and has crossed above its prior high. The index is trading above its 20-DMA, 50-DMA, and 200-DMA while it has closed above 100-DMA, which indicates a bullish trend.