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Daily Technical View on Nifty

* Nifty broke a two day losing streak on June 12 and ended mildly in the positive.

* At close, Nifty was up 0.21% or 38.1 points at 18601.5. Volumes on the NSE were lower than the recent average.

* Broad market indices rose more than the Nifty even as the advance decline ratio rose to 1.6:1.

* Nifty formed an inside day pattern after a two day fall, suggesting possibility of a minor upside reversal.

* 18665 could be the next resistance for Nifty in the near term while 18531 remains a good support.

* The important factor which is shaping up very good in the current market trend is strong breadth.

* At present more than 69% of NSE500 stocks are placed above their respective 200 DMAs. Number of stocks hitting new 52 week highs in NSE 500 is also rising.

* Moreover, both of these numbers are still at a distance from the overbought zones. Nifty Smallcap index has been rising for last 11 consecutive weeks.

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