Technical Wrap - Sep 19, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing sharp weakness from the highs in the last couple of sessions, Nifty showed upside bounce from the immediate support of 17450 levels on Monday and closed the day with decent gains of 91 points. After opening with a negative note, the market showed a sustainable upside bounce from the lows in the early-mid part of the session. It later shifted into a narrow range movement, which continued till the end.

A small positive candle was formed on the daily chart with minor lower shadow. Technically, this pattern indicates minor upside bounce in the market. The Nifty is currently placed within a broader range of 18000-17500 levels and it was seen showing minor upside bounce from the lower range. Hence, any sustainable upside bounce from here could encounter hurdles around 17750, 17860 and 18050 levels.

Conclusion:The short term trend of Nifty continues to be negative. Monday's upside bounce could be a cheering factor for the bulls to make a comeback. Further sustainable upmove from here could pull Nifty towards 18K mark again. Any weakness below the support of 17450 levels could open the next downside towards the 17100-17000 levels in the near term.

Source : Equity Bulls

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TechnicalWrap Nifty Sensex HDFCSecurities