Nifty Consolidating Between Strong Support and Strong Resistance

Nifty on a weekly chart is consolidating between strong support and strong resistance with a positive bias starting to appear for medium to long term. Strongest support for Nifty is between the zone of 17352 and 17430 (50 Weeks EMA). Strong resistance zone for Spot Nifty is 17916 and 18027. However crossing 18027 is not enough for bulls to take charge of the market. Bulls will regain the control only after we get a closing above 18266. Bears can overpower the market if the level of 17352 is broken. Things are interestingly poised with Adani saga turning new leaves every day once the fizz of the matter settles completely we may see a proper trend emerge.