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Daily Technical View on Nifty

Market: Observation

* Nifty gave up early gains to end minorly in the negative after a volatile session on June 19.

* Support is now shifted up at 23300 in Nifty.

* Nifty Smallcap index broke the nine sessions winning streak by falling more than 0.4%

* Resistances for Nifty are seen at 23824 and 24125, which happens to be 123.6% and 138.2% Fibonacci retracement levels of the entire fall which was registered from 23338(Top of 3rd June 2024) to 21281(Bottom of 4th June 2024).

* Nifty formed a bearish engulfing like pattern after a rise. Traders seem to be tiring out at higher levels; however, the minor reversal sign today may not result in a sharp fall unless we see follow through weakness.

* Nifty private sector bank index has closed on a strong wicket and it is expected to outperform in the short term

* At present over 84% of the NSE500 stocks are trading above 200 DMA, which indicates strong market breadth

* Nifty has been forming higher tops and higher bottoms on the hourly chart, which indicates the bullish trend on short term time frame.

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