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Daily Technical View on Nifty

Market: Observation

* Nifty rose for the third consecutive session to close at yet another new all time high.

* Nifty rose for the third consecutive session to close at 23841.91 with the gain of 0.62%.

* A level of 23660 has become new support for the Nifty and with that stoploss trading long positions should be held.

* On the higher side, next resistance is seen at 24125, which happens to be 138.2% Fibonacci retracement of the entire fall seen from 23338(3 rd June Top) to 22281(4th Jun Bottom).

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

* Telecom, Private sector Banking, Oil & Gas and Cement stocks closed on a strong wicket and are likely to perform well for the short term.

* Small cap and Midcap indices are showing sign of short term consolidation

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