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Nifty faces resistance at 17,300
The Nifty50, which has bounced over 12 per cent from this year’s lows, faces resistance at 17,300. The index last closed at 17,158, a near three-month high. According to executives at domestic brokerages, several high net-worth investors (HNIs) have covered their aggressive long bets in the index and have built short positions, judging recent gains as excessive. “For traders now, the 200-day simple moving average or 17,000 would act as a key support zone and on the higher side, 17,300-17,400 could act as a profit-booking zone for short-term traders. Buying on dips and selling on rallies
