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Daily Technical View on Nifty

* Nifty ended lower in a volatile session on June 10. At close, Nifty was down 0.13% or 30.9 points at 23259.2.

* Nifty made a fresh record high in the morning of June 10 but came under selling pressure on a day when the institutional activity seemed to be on the lower side.

* The Nifty formed a small hanging man type pattern after a rise suggesting some caution.

* A bout of mild profit taking seems due.

* On hourly chart, indicators and oscillators have turned slightly weak towards the end of the session.

* Nifty could face resistance on the up at 23411, while 22930 and later 22643 could offer support.

* Fertilizer, Chemicals and Cements stocks showed significant strength in yesterday’s trade and closed on a strong wicket.

* IT index witnessed some profit booking after Steller rally registered last week.

* Market is expected to remain stock specific bullish, while benchmark indices could consolidate or witness some profit booking.

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