Technical Wrap - March 24, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing higher level weakness from around 17400 on Wednesday, Nifty continued with choppy movement on Thursday and closed the day lower by 22 points amidst high volatility. After opening on a weak note, the market showed smart upside recovery in the early-mid part of the session. It later showed a roller coaster ride of intraday up and down swings for later half and finally closed on a slight negative note.

A long positive candle was formed at the lows on the daily chart with minor upper shadow. Technically this pattern indicate broader range movement for Nifty around 17400-17100 levels. Having placed at the lows, there is a possibility of an upside bounce in the coming sessions.

The broader uptrend status remains intact for Nifty and we observe positive sequence like higher tops and bottoms on the daily chart. The significant upside breakout of important resistance zone is intact around 16800-17000 levels. Any decline from here could find strong support at 17000-16900 levels and there is a possibility of market advancing towards the upper trajectory of 17400-17500 levels in the near term.

Source : Equity Bulls

Keywords

TechnicalWrap HDFCSecurities Nifty Sensex