IGI Logo

Daily Technical View on Nifty

Market: Observation

* Nifty recovered from the previous day’s fall and ended higher in a volatile session on June 20.

* Broad market indices rose more than the Nifty even as the advance decline ratio rose to 1.86:1.

* Nifty rose mildly after a volatile session on June 20. It formed another long legged doji forming a sideways pattern.

* Nifty Smallcap index resumed its upward move after 1 day of fall

* 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