By Dharmesh Shah Equity benchmarks concluded a choppy week on a positive note fueled by strong tax collections domestically and better-than-expected Chinese data boosted sentiments further.
The broader market relatively outperformed as Nifty Midcap and Small cap indices gained 2% and 1.2%, respectively.
The weekly price action resulted in a small bull candle carrying lower high-low, indicating buying demand emerging from key support of 17200 backed by improving market breadth Going ahead, we expect the index to hold key support of 17200 and head towards short-term hurdle of 17800, sustainability above which would lead to an acceleration of upward momentum towards 18300 in March as it is 61.8% retracement of past three months decline (18887-17255).
Thus, any dips from hereon should be capitalized to accumulate quality stocks.
The current scenario is very similar to that of CY13, CY16 and CY18.
The index in the last 11 weeks has retraced just 65% of its preceding 10 weeks rally of October–December (37387-44151).

Source -https://www.financialexpress.com/market/nifty-to-hold-key-support-of-17200-and-head-towards-17800-bank-nifty-key-support-at-39400-39700-levels/3000549/