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Daily Technical View on Nifty

* Nifty has been trading in the downward sloping channel on the hourly chart 

* Upper band of this channel is placed at 15890, while lower band of the same is seen at 15650 odd levels

* On the daily chart, Nifty has been trading in the upward sloping channel. Lower band of this channel is placed at 15650

* Any level below 15650 would bring bearish momentum in the Nifty

* Any level above 15900, would bring bullish momentum for Nifty

* Between 15650-15900, Nifty would be considered in the consolidation phase

* Higher top and higher bottom formation, which was formed last week is intact

* Nifty has been failing to surpass its 20 days EMA resistance on closing basis for last four trading session

* Indicators and oscillators have been holding strength on the daily chart of Nifty 

* Considering the technical evidences discussed above, we believe that breakout above 15900 or below 15650 would provide direction to the Nifty.

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