Hot Stocks | Here's why Escorts, RIL, Dr Lal PathLabs are buy calls for short term

Nifty on June 9 opened marginally higher and registered its lifetime high of 15,800 after witnessing consolidation in the initial trading hours.

A sudden spell of selling emerged in the second half of the trading session and prices failed to sustain their higher high higher bottom formation on the intraday chart and the index closed below 15,650.

Nifty has given a decisive breakdown of a rising wedge pattern on the daily chart and prices have closed below their trendline resistance.

After the breakout of a falling channel pattern on May 21, from 15,100 to the all-time high of 15,800, Nifty has neither witnessed any throwback nor a profit-booking for the last twelve trading sessions.

Momentum oscillator RSI (14) has witnessed a fall from 70 level which is an overbought zone and closed below this level with a bearish crossover.

The 21-day exponential moving average is placed above the upper band of the channel pattern and acting as a crucial support zone near 15,355.

Support for Nifty is placed near 15,400–15,350 levels while resistance is near 15,800.

Bank Nifty, on the daily chart, is trading within the rising wedge pattern and closed above its 21-day exponential moving average.

India VIX closed three percent lower at 14.75 and it has also broken its ten-month-long rectangle pattern on the daily chart.

The volatility index is trading lower which indicates that any short-term correction in the market can be utilised as a fresh buying opportunity.