Nifty Smallcap index has been rising for last 9 consecutive session - HDFC Securities
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* Nifty saw another day of records as it extended gains to the fourth session on June 18.
* Nifty continued it gradual march upward towards the new all time high of 23579.
* Support is now shifted up at 23300 in Nifty.
* Nifty Smallcap index has been rising for last 9 consecutive session.
* 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 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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