Technical Wrap - March 30, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The upside momentum continued in the market for the third consecutive sessions on Wednesday and Nifty closed the day with promising gains of 172 points amidst an intraday range movement. Nifty opened with an upside gap and moved up further in the early mid part of the session. It later shifted into a narrow range movement at the highs. Minor volatility was seen towards the end and the opening upside gap remains unfilled.

A small bull candle was formed on the daily chart with gap up opening, which signal continuation of upside momentum in the market. The formation of lower shadow's in the last three daily candles indicate buy on intraday dips opportunity in the market.

Nifty is now making an attempt to stage upside breakout of the last 7-8 sessions sideways range at 17000-17450 levels. The immediate resistance of 17490 of previous lower top has been surpassed on the upside marginally. This is positive indication.

The short term trend of Nifty continues to be positive. A sustainable move above 17500 levels could be considered as an upside breakout of the range movement and also an immediate hurdle. This could pull Nifty towards the upside target of 17800-18000 levels in the near term. Immediate support is placed at 17350.

Source : Equity Bulls

Keywords

TechnicalWrap Nifty Sensex HDFCSecurities