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Daily Technical View on Nifty

* For last three trading sessions, Nifty has been registering lower highs and lower lows.

* However, Yesterday, Nifty managed to outperform most of the Asian Markets.

* Yesterday was the third consecutive session, where Nifty failed to close above its 20 DEMA.

* 20 DEMA is currently placed at 15855 odd levels

* Today is a monthly expiry for stock futures and options while weekly expiry for the Index futures and options.

* Any level above 15900 in Nifty would result in to breakout from the Flag pattern on an hourly chart

* Nifty has got support at 15650, which happens to be level derived from upward sloping trend line on the daily chart • Below 15650, traders should cut longs in Nifty

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

* Considering the technical evidences discussed above, we believe that Nifty longs should be held with 15650 stoploss.

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