Technical Wrap - Feb 20, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities on today's market performance.

The weakness continued in the market for the third consecutive sessions on Monday and Nifty closed the day lower by 99 points. After opening with a positive note, the Nifty made an attempt to show upside bounce in the early part of the session. The market has failed to sustain the intraday highs and the weakness continued in the mid to later part of the session and closed near the lows.

A long bear candle was formed on the daily chart with minor upper shadow, which indicates a violation of support around 17900 levels. The positive chart pattern like higher tops and bottoms is still intact and current weakness could be in line with the new higher bottom formation. But, there is no confirmation of any higher bottom reversal pattern unfolding at the lows.

The weakness with range movement could continue for the next 1-2 sessions before showing yet another upside bounce from the lows. The next lower support is at 17700 levels and immediate hurdle is around 18000 levels.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex