Technical Wrap - April 1, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing choppy movement in in the last couple of sessions, Nifty witnessed an excellent upside breakout on Friday and closed the day decently higher by 205 points. After opening on a weak note, the market started with sharp intraday upside bounce from the low of 17422 levels in the early part of the session. The upside momentum continued in the mid to later part of the session and the market closed at the highs.

A long bull candle was formed on the daily chart, which indicate an upside breakout of the range movement and also immediate resistance of 17500 levels. This is positive indication and one may expect further upside in the short term.

The market is now surpassing the hurdles one after another. There is consolidation/minor weakness at the resistance before showing sharp upside breakouts. The next overhead resistance of previous swing high is placed at 17795 and that is going to be tested soon. The sharp upside movement continued in Nifty as per weekly chart (formation of long bull candle), after a pause of last week.

Conclusion: The upside momentum seems to have picked up in the market after a small consolidation movement. The Nifty is expected to move towards 17800-18000 levels by next week, before showing another round of minor downward correction from the highs. Immediate support is placed at 17550.

Source : Equity Bulls

Keywords

TechnicalWrap HDFCSecurities Nifty Sensex