The Nifty has surpassed 17,000 and should go towards 17,300 next. If 17,300 is surpassed, we should not rule out 17,800. 17,800 should be a major resistance. The recent upmove comes on the back of short-covering and appears more like a technical bounce.
Liquidity conditions are tight and all leading indicators like Copper Prices, Crude Prices are beginning to show signs of revival and might trend upwards suggesting