Technical Wrap - March 13, 2023 - HDFC Securities

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

The sharp downside momentum continued in the market for the third consecutive sessions on Monday and the Nifty closed the day lower by 258 points. After opening with a slightly negative note, the market failed to sustain the gains in the early part of the session and started with deep cut from the highs. Intraday minor upside recoveries in between have been used as sell on rise opportunity for the day.

A long bear candle was formed on the daily chart with long upper shadow. This reflects display of sharp downside momentum in the market. The opening downside gap of 10th March has acted as a strong overhead resistance around 17530 levels. The said downside gap remains with partially filled.

Nifty has been in a sharp down trend and the negative chart pattern like lower tops and bottoms are in store. Present weakness seems to be in line with the lower bottom formation, but there is no confirmation of any lower bottom reversal pattern yet at the lows. The next downside levels to be watched around 17000-16800 in the near term. Any upside bounce from here could find strong resistance around 17300-17350 levels.

Source : Equity Bulls

Keywords

TechnicalWrap HDFCSecurities Nifty Sensex