Technical Wrap - Dec 12, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing sharp weakness on Friday, the downside momentum continued inn Nifty in early part of Monday's session, but the market was able to show smart upside recovery from the intraday lows towards the end. After opening with a weak note, the market slipped into further declines soon after the opening. Sharp upside recovery has emerged from the day's low of 18345 levels and the market erased the intraday loss completely in the later part of the session.

A reasonable positive candle was formed on the daily chart, which signal comeback of bulls after a minor downward correction. After the downside breakout of 18500-18550 levels on Friday, Nifty not showing any sharp follow-through weakness on Monday could signal chances of false downside breakout at the said resistance.

Conclusion: The short term trend of Nifty remains negative, but the emergence of buying from the intraday lows of Monday could be a cheering factor for bulls to make a comeback. A sustainable upmove only above the hurdle of 18650 levels could confirm uptrend continuation pattern. Immediate support is placed at 18350 levels.

Source : Equity Bulls

Keywords

TechnicalWrap Nifty Sensex HDFCSecurities