Nifty outlook and four trading ideas for today's trade

NIFTY

CLOSE- 8934.55 (10.03.17)

Nifty closed the week in positive territory. It consolidated in thin range of 8860-8980 levels for the entire week. It still looks like either triangular or flat kind of consolidation as per daily chart attached. Nifty has strong first support around 8850 and second support around 8700 levels. One should expect the market to trend towards higher level targets till short term reverses. Any kind of decline or consolidation is buying opportunity for medium to long term.

Momentum indicators are showing weakness but one needs to wait for price confirmation in such kind of extended upward rally