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

After showing weakness in the last session, Nifty struggled to sustain above 10K mark on Tuesday, after opening higher and managed to closed on a decent gains, amidst a volatile movement. A small negative candle was formed on Tuesday with long lower shadow. We observe high volatile movement, mainly on the news release of escalating tension near India-China border in Ladakh.

Though, Nifty resisting around 10,000 levels, there is evidence of sharp buying emerging from near the support of 9700 levels. The positive sequential movement like higher tops and bottoms is intact, as long as the recent swing low of 9545 is protected.

There is a possibility of further consolidation movement around 10,000 levels in the next 1-2 sessions, before showing a sustainable upmove above this area. Immediate supports to be watched around 9750-9800 levels. A decisive move above 10,000 levels is likely to pull Nifty towards 10350-10400 levels in a quick period of time.

Source : Equity Bulls

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