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Daily Technical View on Nifty

• Nifty has been consolidating in the narrow range of 350 points between 16440 to 16794 for last 6 trading sessions.

• 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 partially filled the gap, which was formed on 30th May between 16370 and 16506.

• However, on the upside 200 days EMA, placed at 16745, is expected to provide strong resistance in the days to come.

• Nifty has also been holding higher tops and higher bottoms on the daily chart, which indicates continuation of an uptrend.

• Bullish setup for Nifty would be violated below 16400 level.

• 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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