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Daily Technical View on Nifty

* Nifty snapped a two-day fall and closed higher on June 12.

* At close, Nifty was up 0.25% or 58.1 points at 23322.9.

* Broad market indices rose more than a percent even as the advance decline ratio rose to 2.05:1

* Nifty touched another all time high in the early part of the session on June 12 but gave up most of the gains during the day.

* It closed near the intra day low; however, the fact that it closed in the positive is reassuring.

* It could now stay in the 23206-23442 band for the near term.

* Nifty has been following the upward sloping trend line on the hourly chart.

* Breakout from hourly trendline would lead to fresh bullish momentum in the Nifty, which could take the index towards 23700 levels

* Traders can remain long with 23200 stoploss in Nifty.

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