Nifty Future For June 23 - Viral Joshi

On Friday, Nifty broke key supports of 4400, which was a low volume breakout, the minimum target of which would be 4200. It is also a good support zone. Short covering could cause some recovery during this week but the market is clearly in an intermediate downtrend (7 weeks and counting). This could get worse. Nifty is likely to seek support around 4200 before it attempts a substantial recovery. The upside is likely to be capped by resistance at 4600-4650 level. Settlement considerations may cause extra volatility and lead to a temporary improvement dude to rollovers.

Pivot for Nifty future is 4380 and support 4180.
S1 4310; S2 4250; S3 4200; and R1 4320; 4350; R3 4400.

Buy above 4320 and if it breaks 4350 then 4380-4400.
Short below 4300 and if it breaks 4250 then 4200-4180.

Daily moving averages:

5DMA 4532;
20DMA 4645;
50DMA 4869;
200DMA 5238.