Two charts in Nifty make me to think “Sell in June and Go Away”. The above charts is nifty june hourly future chart which recently turns to sell mode during the later hour of the friday session which indicates that the shorter term trend is in downward side and currently the resistance zone is coming around 6150
While looking into the Nifty Supertrend Breadth Charts it is observed that the supertrend composite had turned to negative this friday which indicates that more number of nifty50 stocks under supertrend sell mode when compared to the stocks in buy mode thus indicates that the underlying breadth turns negative. Currently out of 50 stocks 26 stocks are in sell mode and 24 stocks are in buy mode. The continouation of supertrend sell signal indicates medium term weakness in the market.
Currently trailing resistance is coming near 6047.9. Reverse your strategy to positional longs if nifty futures closes above 6047.9 on hourly basis