Nifty month end view (June 2022)

NIFTY has formed a flag inside larger flag. Smaller flag is bullish and will come into play if we breakout above 15880 level and this breakout can take up near 16000/16100 level. And then the larger flag (bearish) would come into play. Reversal from that zone might take us to much lower levels below 15000. If we don't break out above smaller channel then selling pressure will remain and we might see sideway move (remember, tomorrow is monthly expiry as well). And if we breakout above 16000/16100 levels then we might go higher (near 16500 levels) but the larger picture remains bearish medium term and downtrend could resume from there, if not before.