Technical Wrap - Feb 16, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a sustainable upmove in the last couple of sessions, Nifty slipped into weakness from the intraday highs and closed the day with minor gains of 20 points. After opening with positive note, the market failed to sustain the opening gains and it started to show an intraday weakness from the early part of the session. An attempt of pullback rallies in between has failed to hold the market at the intraday highs.

A small negative candle was formed on the daily chart, which indicates an emergence of minor weakness from the highs. This pattern also signal a formation of bearish counter attack type candle pattern (not a classical one). But this needs to be confirmed with sizable weakness in the subsequent sessions.

Conclusion: The short-term uptrend status of Nifty remains intact and the market has started to face hurdles from near the highs of around 18150-18200 levels. Further decline from here could trigger minor weakness for the short term and a sustainable move above 18150 levels could open more upside towards 18250 levels.

Source : Equity Bulls

Keywords

TechnicalWrap HDFCSecurities Nifty Sensex