The positive chart pattern like higher tops and bottoms is intact on the daily chart and Nifty is currently forming a new higher top of the sequence. A decisive move above 21,850 level is expected to nullify the present bearish effect and that could open more upside for the near term.
Indian equity indices closed near record highs on June 16, helped along by a possible rate pause by the US Federal Reserve, favourable WPI inflation data and upbeat global investments. While metal pack led gains, sectors including private banking and financial services saw selling pressure.