Hot Stocks | Can bet on Indraprastha Gas, ICICI Prudential Life Insurance, Aditya Birla Fashion for short term

Nifty50 on June 2 started the day on a flat-to-negative note and registered its intraday low at 15,459.85.

Later, it underwent a recovery phase after the mid-session of the day and finally witnessed a smaller degree downward sloping trendline breakout in the intraday chart and closed above 15,550 near its prior day’s closing.

The benchmark index has also given a decisive breakout of a rising wedge pattern on the daily scale and currently, it has sustained above its upper band of the pattern.

As we can observe on the monthly chart, Nifty has not seen any serious correction since March 20, which indicates a strong bull market is on the cards.

India VIX closed one percent lower at 17.21 level. It continues to trade in lower high lower low formation and has sustained below 19 level.

VIX index settling below 20 level indicates a drop in the volatility which creates confidence among the traders.

Momentum oscillator RSI (14) continues to move in the positive zone which is placed above 65 level with bullish crossover on the daily interval.

The 21-day exponential moving average is placed just near the lower band of the rising wedge pattern and acting as a crucial support zone near the 15,150 level.

The current trend suggests bull run in the market is most likely to continue as the index has given breakout in the broader timeframes.

Support for the Nifty is placed near 15,250 while resistance is pegged near 15,800.