Technical Wrap - March 29, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The Nifty continued with decent gains on Tuesday after witnessing an upside bounce from the lower support of 17000 levels on Monday. After opening on a positive note, the market showed volatile movement for the better part of the session. The upside momentum got strengthened in the later part of the session and Nifty closed near the highs.

A small positive candle was formed on the daily chart with minor lower shadow. Technically, this pattern indicate follow-through upmove amidst a range movement. Presently, the Nifty is making an attempt to stage upside breakout of the range movement of the last 6-7 sessions around 17450 levels. This is positive indication and one may expect sharp upmove in the market on the breakout of sideways range movement. The positive sequence like higher tops and bottoms is also intact as per daily timeframe chart.

The short term trend of Nifty continues to be positive. A sustainable move above 17500 levels is likely to pull Nifty towards the next upside trajectory of around 17800-18000 levels in the near term. Immediate support is placed at 17250.

Source : Equity Bulls

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TechnicalWrap Nifty Sensex HDFCSecurities