Technical Observation - March 4, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

After showing a decent upside bounce from the lows, Nifty failed to show follow-through upmove in today's session. Nifty witnessed a high volatility and closed the day lower. A reasonable negative candle was formed today with long lower shadow. Today's intraday chart indicate a 'V' type intraday pattern, where we observe a sharp weakness and steep upside recovery in a day.

The short term trend of Nifty is still positive, today's weakness has not nullified the last sessions upside bounce. The next upside resistance to be watched around 11350-400 and crucial lower support is placed at 11100 levels.

Source : Equity Bulls

Keywords