Nifty needs to break 15,700-15,900 range for directional move: Vinay Rajani

Nifty outlook

On June 28, the Nifty formed a bearish belt hold and engulfing pattern on the daily chart. Any level below 15,673 would violate the crucial support of the previous swing low on the daily chart. However, in the last six session, Nifty's range has been 15,700-15,900. This range needs to be broken on either side, to get back the directional move. Above 15,900, Nifty could move towards 16,300 target, while any level below 15,673 could drag Nifty towards 15,500 support.

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Disclaimer: Vinay Rajani is a Senior Technical and Derivative Research Analyst at HDFC Securities. The analyst doesn't have any holding in the stock. Views are personal