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Daily Technical View on Nifty

* Nifty Broke four session’s winning streak

* At close, Nifty was down 0.53% or 99.5 points at 18534.4.

* Volumes on the NSE were the highest since Nov 2020 due to MSCI rebalancing trades.

* Broad market indices ended in the positive even as the advance decline ratio remained positive at 1.12:1.

* Nifty ended May with a 2.6% gain driven by FPI flows and encouraging Q4 results.

* Nifty on Wednesday filled the upgap made on May 29. The fact that the Nifty did not close at the intra day low was reassuring.

* Nifty could now remain in the 18641-18432 band for the near term.

* Nifty is currently placed above all important moving averages, indicating bullish trend

* Oscillators have turned bearish on the short term chart

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