Technical Wrap - Jan 20, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing weakness with range bound action on Thursday, Nifty slipped into decline on Friday with volatility and closed the day lower by 80 points. After opening with flat note, the market made an attempt to move up in the early part of the session. It failed to sustain above 18144 levels and shifted into weakness in the mid to later part of the session.

A reasonable negative candle was formed on the daily chart, which indicates a consolidation movement in the market. The Nifty is currently placed within a broad high low range of 18200 to 17900 levels and the specific direction is missing in the market.

We expect choppy movement to continue for the short term. At the lower levels 17900-17800 could be a support for the market and one may expect upside bounce from the lows. At the same time the upper area of 18150-18200 is expected to be a stiff resistance in the near term.

Source : Equity Bulls

Keywords

TechnicalWrap HDFCSecurities Nifty Sensex