Technical Wrap - Nov 3, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing weakness from the swing highs on Wednesday, Nifty shifted into a consolidation with weak bias on Thursday and closed the day lower by 30 points. After opening on a weak note, the market showed upside recovery from the intraday lows in the early part of the session. It later shifted into a narrow range movement for better part of the session.

A small positive candle was formed on the daily chart with minor upper shadow. Technically, this pattern indicates a buy on dips opportunity in the market at the highs. Though, Nifty placed at the crucial overhead resistance of 18200 levels, the significant reversal pattern or any sharp weakness is missing at the highs. This could be a display of resilience of the market near the overhead resistance.

The positive sequence like minor degree higher tops and bottoms continued in the market and Nifty is currently in an attempt of forming higher bottom at the lows. We expect choppy movement to continue in the next 1 or 2 sessions before showing upside bounce from the lows. Immediate support is placed around 17950-17900 levels.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex