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Daily Technical View on Nifty

* Nifty erased all its gains in the last hour of the session on June 11 after making a top at 1345 Hrs and ended little changed from previous day’s close.

* Broad market indices ended in the positive even as the advance decline ratio fell marginally to 1.72:1.

* Nifty formed another high wave type candle formed besides the previous day’s candle.

* Markets seem to be consolidating and as the close has not been negative, we think some more upmove is in the offing in the near term and Nifty could stay in the 23411-22930 band in this period.

* PSU Stocks have regained the strength and closed on a strong wicket.

* Nifty is consolidating after hitting an all time high of 23411.

* Previous swing high of 23110 could interchange its role as a immediate support for the Nifty.

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