Nifty opened with 60 points gap down and started moving up with draining volumes. It moved in only one direction with small retracement.
Cues For Today (June 17th):
On the higher side Nifty has resistance at 4590/4610 levels. As these are the distribution support levels, prices need more effort to break the range.
On the lower side, Nifty may take support at June 16th opening levels. Below it may go to 4390 levels if price slips from there then it may go and touch the support of the expanding triangle.
In price Nifty formed another distribution pattern (Inverted Cup and handle), though volumes are not supporting. If nifty breaks the lows of June 16th then price may see much lower levels. Below is the 15 min chart of nifty futures:
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