Medium Term Post Budget Outlook for Nifty

If Nifty holds on to 17427 which is the 50 Weeks EMA there are chances that we may see an upswing and turnaround in market sentiments in the medium term we may see a rally which can take us close to All time high of 18887 or give us a new All-time high on Nifty which can be just above 19K levels. If the support levels are held we have a chance of Cup and Handle BreakOut on Nifty.There are however my resistances to be crossed for this to be achieved. One of the major resistances will be 50 days EMA at 17991. Supports and Resistances in the medium to long term range.

Nifty Resistances: 17854, 17991, 18196, 18369, 18612 and 18887 and finally 19036

Nifty Supports: 17558, 17427 and finally 17353. Below 17353 only major support is near 17088 and 16757.