Technical Wrap - March 29, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing lack of strength to sustain the gains in the last few sessions, Nifty witnessed a sustainable upside movement on Wednesday and closed the day higher by 129 points. After opening with a positive note, the market shifted into a range bound action for better part of the session. Sharp buying has emerged in the later part and Nifty closed near the highs.

A long bull candle was formed on the daily chart which indicates an emergence of buying interest from the lows. This pattern indicates a possibility of Nifty revisiting the key overhead resistance of around 17200-17250 levels in the short term.

The negative chart pattern like lower tops and bottoms seems to have halted now, as we observe a sustainable upside bounce on Wednesday from a higher bottom of 16913 levels. Further upside above 17200 levels is expected to confirm this pattern.

Nifty on the weekly chart formed a small positive candle pattern at the important lower support of 16800 levels. The next upper levels to be watched at 17250 levels. The short term trend of Bank Nifty continues to be positive and one may expect banking sector to move up towards 40800 levels in the short term.

Source : Equity Bulls

Keywords

TechnicalWrap Nifty Sensex HDFCSecurities