After opening Nifty moved in a narrow range, then gave a breakdown. Fall was with good volumes and it closed the gap by forming a bullish wolfe wave in 1 min, which gave very good opportunity to reverse to longs at lowest point. Nifty moved up with big volumes and the move was very fast, but around 4360/50 levels supply increased due to which it started moving down but at lower levels buying is seen. Nifty formed a trading range due to indecision. Below is the 1 min chart of Nifty Futures showing bearish Wolfe wave:
Cues For Today (July 2nd):
On the higher side Nifty has resistance at 4350/4360 levels, above which it can reach up to 4440 and then 4500 levels. In price pattern nifty formed a Right angled broadening triangle, volumes are expanding slightly (which is good).
On the lower side 4250 level may act as good support, below which Nifty may show good bearishness. Below is the 20 min chart of Nifty Futures:
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