Market Outlook plus Short Term Resistance and Supports for NIFTY

Nifty is very delicately standing between a strong support and resistance. There are very big chances that it will break free next week in one direction. Looking at global factors and other indicators it seems that Nifty will break out on the negative side or at least it might start the week on a negative side.

Major Supports: 17274 (this is a major support but might not work or support nifty if we have a gap down opening on Monday.) Other major supports will be 17010, 16951 and 16896. Below 16896 we can see a free fall up to 16749 or 16309.

Major Resistance: 17430 is a mega resistance as of now. Above 17430 we can see a bullish move till 17626 or 17961.