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Daily Technical View on Nifty

• Nifty opened with a gap down of 100 points at 15674, then went down to hit day’s low at 15659.

• Nifty fell for the third consecutive session, to close at 15732.

• From the high of 16793, made on 3 rd June 2022, Nifty has registered a fall of more than 1100 points.

• On 14th June, Nifty and BankNifty both ended the session with an “Inverted Hammer” candlestick pattern on the daily chart.

• The bullish implication of this candlestick pattern would be confirmed once we see Nifty surpassing 15858.

• The breadth of the market is positive with 9:11 adv dec ratio at NSE

• Indicators and oscillators are still favouring bears on the daily charts

• Above 15858, traders can initiate longs for the target of 16150, keeping a stoploss at 16700

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