Technical Observation - March 11, 2020 - Nagaraj Shetti, Technical Analyst, HDFC secuities

After witnessing a sharp weakness on Monday, the Nifty shifted into a consolidation on Wednesday and closed the day on a slightly positive note. A reasonable positive candle was formed on Wednesday after opening lower. But, Nifty failed to sustain the intraday gains towards the end. This pattern indicate a temporary halt in the downside momentum.

The overall market breadth was negative with weak broad market indices like midcap and small cap. Important lower support is now placed at 10350-300 levels. There is a possibility of an attempt of minor upside bounce in the next 1-2 sessions before continuing with further weakness. Immediate resistance is placed at 10550-10600.

Source : Equity Bulls

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