Technical Wrap - Nov 4, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a range bound movement in the last few sessions, Nifty made an attempt of upside breakout of the range in later part of Friday's session and closed the day higher by 64 points. After opening with a flat note, the market shifted in a narrow intraday range for better part of the session, before showing renewed buying enthusiasm towards the end.

A reasonable positive candle was formed on the daily chart, which indicates an attempt of upmove post consolidation movement in the market. The positive chart pattern like smaller degree higher tops and bottoms is intact on the daily chart and Thursday's low of 17959 could now be considered as a new higher bottom of the sequence.

Nifty on the weekly chart formed a long bull candle, that placed at the edge of decisive upside breakout of the crucial resistance around 18100 levels (previous tops). This is positive indication and one may expect further upside in the near term.

Conclusion: The short term trend of Nifty remains up and the market is now placed to show a decisive upmove above the hurdle of 18100-18200 levels. A further sustainable upmove from here is expected to pull Nifty towards 18500-18600 levels in the near term. Immediate support is placed at 17950 levels.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex