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Daily Technical View on Nifty

Market: Observation

* A rally in the banking stocks pushed Nifty to hit another record - 34th time this year though a host of other sectors ended in the negative.

* Nifty broke out upwards and formed a long bull candle on June 25. It made a new high and closed near the intra day high.

* Nifty has broken out from the narrow consolidation, which held for previous 6 trading sessions. Nifty has registered new all time high at 23754.

* Resistances for Nifty are seen at 23824 and 24125, which happens to be 123.6% and 138.2% Fibonacci retracement levels of the entire fall which was registered from 23338(Top of 3rd June 2024) to 21281(Bottom of 4th June 2024).

* At present over 84% of the NSE500 stocks are trading above 200 DMA, which indicates strong market breadth

* Nifty has been forming higher tops and higher bottoms on the hourly chart, which indicates the bullish trend on short term time frame.

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