Technical Wrap - August 25, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a sustainable upmove in the last couple of sessions, Nifty slipped into sharp intraday weakness on Thursday amidst high volatility and closed the day lower by 82 points. After opening with a positive note, the market showed upmove with volatility in the mid part of the session. Sharp intraday weakness got triggered from the highs in the later part and the market finally closed near the lows.

A long bear candle was formed on the daily chart and the market reacted down from the hurdle of 17700 levels. Though, Nifty declined from the highs today, the overall market breadth was positive and the broad market indices like midcap and small cap were showing resilience.

Conclusion: The sharp intraday weakness of Thursday could be a worrying factor for the bulls to sustain the highs. As long as Nifty sustains above the supports of 17300-17200 levels, there is a possibility of an upside bounce from the lower levels. One may expect broader range movement for the Nifty around 17700-17800 on the upside and 17300-17200 levels on the downside for the near term.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex