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Daily Technical View on Nifty

* After forming two consecutive “Doji” candlestick pattern on the daily Charts, Nifty bounced sharply on 21st June 2022.

* Support for the Nifty has now shifted up to 15400.

* Resistances for the Nifty are seen at 15750, 15883 and 16150.

* On hourly chart, Nifty is in formation of rounding bottom formation. Breakout from this pattern will be confirmed above 15864

* Daily RSI from the Nifty has just turned up from the oversold zone. However, the primary trend of the Index is bearish, as it has been trading below 20,50,100 and 200 DMA.

* Nifty has also been holding the lower top and lower bottom formations on the weekly charts.

* Nifty registered a fresh breakdown when it breached the 15750 level. In case of pullback, Previous support of 15750 is expected to interchange its role as resistance.

* Nifty trading longs should be held long with 15400 stop loss

* However, considering the bearish primary trend, exiting longs near 16000 is advisable

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