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Daily Technical View on Nifty

• Nifty broke down below the consolidation range of 16440-16793, which held for previous 6 trading sessions.

• Nifty also closed below its 20 days EMA support placed at 16446.

• For Bullish trend reversal, Nifty has to surpass the crucial resistance of 16800 on closing basis.

• Below near-term support of 16300, Nifty could slide towards the next support of 16000. From the Sectors Oil & Gas, PSU and Auto are expected to outperform.

• During this period, Nifty took support around 16440 for three times. Previous swing highs on the daily chart has also been projecting strong support at 16400 in Nifty. • Nifty has fully filled the gap, which was formed on 30th May between 16370 and 16506.

• 200 days EMA, placed at 16742, is expected to provide strong resistance in the days to come.

• On 3rd June 2022, BankNifty formed bearish engulfing pattern on the daily charts. The level of 36000 is expected to act as a strong resistance in the Nifty Bank.

• Nifty Midcap index also formed bearish engulfing pattern on the same day and bearish implication of the same will only be negated if index surpasses high of 28729, made on 3rd June 2022.

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