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Daily Technical View on Nifty

Observations

* Yesterday was yet another volatile session for Indian benchmark indices

* After gap down opening of 200 points, Nifty hit a low at 16478 and recovered 128 odd points from that point to close at 16606.

* BankNifty recovered more than 640 points in last one hour of the trade. Despite the sharp recovery, BankNifty closed with a loss of more than 2% and underperformed the Nifty.

* Nifty Smallcap and Midcap indices remained resilient as they managed to close in green

* Despite the weakness during most part of the day, Breadth of the Market remained almost flat, which is encouraging sign for bulls.

* On intraday charts, Nifty formed double bottom at 16480 odd levels. § Recovery was seen in last one hour of the trade § On the daily chart, Nifty has formed inside bar pattern. § From the derivative perspective, the level of 16500 is a strong support for Nifty

* Sustainable level below 16500-16480 could result in to fresh sell signal on the short term chart of Nifty

* Recent swing high of 16815 could act as Resistance for Nifty in short term

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