View on Market Performance - Feb 23, 2023 - HDFC Securities

Mr. Nandish Shah - Senior Technical and Derivative Analyst, Retail Research, HDFC Securities

Nifty fell for the fifth consecutive session, to close at 17511. Nifty ended below its 200 Days EMA for the second consecutive day. Today, Nifty found support at its upward sloping trend line adjoining the low's of 30th Sep 2022 and 1st Feb 2023.

Nifty Smallcap and Midcap indices found support on their previous swing lows on the daily charts and seen some recovery. Advance Decline ratio remained in favour of declining shares for the fourth day in the row and stood at 0.88.

Cash segment turnover continued to remain on lower side, where today's NSE cash segment volumes were lowest since February 2020 expiry on monthly expiry day.

Amongst the Sectoral Indices, Nifty PSU banks and Metal were the top gainers while Nifty reality and Media fell the most.

Resistance for the Nifty is seen at 17720, which happens to be the previous swing low made on 13th Feb 2023. Longs in Nifty can be held with 17400 stoploss.

Source : Equity Bulls

Keywords

MarketPerformance HDFCSecurities Nifty Sensex