Technical View - June 9, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing higher levels weakness in the last session, Nifty failed to sustain the intraday gains today slipped into weakness in the mid to later part of the session and closed the day lower by 120 points. A long negative candle was formed with upper shadow on Tuesday. Technically, this pattern indicates sell on intraday rise action in the market.

The previous opening downside gap of 12th March around 10335 has acted as a key overhead resistance and led to a downward reversal from the highs. One may expect further weakness in the market in the next session.

On the lower side, the Nifty is expected to find support around 10000-9950 levels in the short term and Nifty is expected to slip below this area in the next 3-4 sessions.

Conclusion: The short term trend of Nifty seems to have reversed down. The next lower supports to be watched at 9950 and any upside bounce attempt could find resistance at 10135 levels.

Source : Equity Bulls

Keywords