Nifty (Futures) Technical Analysis For June 12th

Today's Recap (June 11th):
Nifty opened flat and started moving zigzag breaking highs and lows of the day in a narrow range. It formed a good ABCD pattern just above the GAP support. The numerical support and a candlestick hammer saying loud that the CD leg is ending here. Later on Nifty moved up as expected reaching the targets of ABCD pattern giving a profit of 45 points intraday.

What is there for tomorrow (June 12th):

On the higher side nifty got 3 resistances at present.

• Today’s double top at 4676
• Double top on 10th June 4690 levels
• Resistance line of expanding triangle.

We got a good pull back from the resistance levels of the expanding triangle, this partial pullback adds trust to the up move helping price for the break out of the triangle. As I wrote yesterday, if Nifty manages to break the Expanding Triangle's resistance line convincingly and closes above that, it will be good sign for Bulls. Based on the volumes of the breakout, next target for the price may be the height of the last leg of the expanding triangle.

On the lower side, price didn’t close the gap formed on June 10th at 4580/90. This will acts as support. If 4580 levels are taken down, we may see further down move until gap being closed. Below that price may slip down near to 4500 levels

Below is the 15 min chart of nifty futures:

Below is the 5 min intraday chart:

On Daily charts Nifty made Candlestick harami or inside bar, Harami is not as significant as engulfing or doji but at times indicates the trend change, especially on market tops. Below is the daily chart of Nifty futures: