Nifty Did nothing today was just consolidating in a range and We formed one more Inside Day (Unable to break previous day High and Low) and range is getting smaller for a breakout either on break above 5325 and below 5249.
From a short term perpesctive if 5196 taken out than we are in for a downhill till 5000.
On Nifty daily chart we can see a parallel channel formation and the bottom of channel being a resistance.Break above the lower channel will take nifty to 5365 as shown in the chart.
RSI and Stochastic have reached oversold region and if low of 5257 holds market can see a Rally.
All eyes on What Fed says tonight after its Fed meeting. Fed words can change the tone of whole world markets.
Levels to watch
Buy above 5285 Tgt 5312,5326,5339 and 5365
Sell below 5267 Tgt 5257,5219,5196
SBI is touching its long term trendline and break of 2123 can take the stock to sub 2000 levels as shown in the chart.
Levels for 23 June
Buy above 2142 Tgt 2165,2183 Sl 2123
Sell below 2123 Tgt 2100 and 2078