Tech View: Nifty charts signal fatigue among bulls, consolidation likely to continue

The Indian benchmark Nifty 50 traded within a narrow range amid bouts of profit booking, with support at 17,550 and 17,442 points on the downside, and resistance at 17,717-17,777 levels. Analysts suggest the market is witnessing a non-directional activity near the 200-day SMA, and while the daily momentum indicator has triggered a fresh negative crossover, we should assign less weightage to the signal until the Nifty 50 breaks below 17,550-17,500. The range of consolidation is set to be between 17,500-17,800 for the next few sessions.

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