Technical Wrap - Jan 2, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing weakness from the highs on Friday, Nifty witnessed a sustainable upside bounce on Monday amidst a volatility and closed the day higher by 92 points. After opening with a positive note, the market continued with upside momentum with range bound action for better part of session. Intraday dips in between has been bought into and Nifty closed near the highs.

A reasonable positive candle was formed on the daily chart, that has placed beside the long negative candle of Friday. This signal minor strength of bulls to comeback from the lows. A decisive move above 18265 levels could negate the bearish pattern of dark cloud cover, that formed on Friday.

Nifty is continuously tagging the hurdle of down sloping trend line over the last 4-5 sessions. After the downside breakout of said TL on 23rd Dec, the Nifty failed to show any decisive follow-through weakness since then. This could raise some hops for bulls to make a come back. A sustainable move above 18265-18300 levels could pull Nifty towards another hurdle of 18500 levels in a quick period of time. Immediate support is placed at 18080 levels.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex