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Daily Technical View on Nifty

* Nifty tumbled to log its worst session in over four years on June 04

* At close, Nifty was down 5.93% or 1379.4 points at 21884.5. Cash market volumes on the NSE rose to a record high of Rs.2.71 lakh cr.

* Nifty fell with a large bear candle that engulfed the candles of the last 3 weeks, after filling the upgap made on the previous day.

* Nifty could oscillate between 21710 to 22417 in the near term.

* During the session, Nifty found support on its 200 days EMA and bounced back

* Currently 200 DEMA for Nifty is placed at 21248

* Nifty has closed below its 50 and 100 days EMA

* Nifty has also closed below the upward sloping channel on the daily chart

* Indicators and oscillators have turned bearish on short term charts

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