Nifty broke out upwards and formed a long bull candle on June 25 - HDFC Securities
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
![](https://portfolio.investmentguruindia.com/uploads/news/Stylam Industries Ltd..jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/IBM299.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/startup.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/State Bank of India Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/saas.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Tata Motors Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Bank of Baroda Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/timkenindia.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/World29.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/laptop29.jpg)