For the last few weeks, the index is trading above the 20-WMA, which has resulted in a triangle pattern formation on the daily chart. After a recent base formation near the lower end of the pattern, Nifty witnessed smart recovery on January 13. Going ahead, 18,000-18,050 will be the key area beyond which the index will be set for a larger up move. On the downside, 17,800 will continue to provide cushion for the index.
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