Technical Wrap - June 13, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing minor weakness with range bound action in the previous few sessions, Nifty witnessed sustainable upside movement on Tuesday and closed higher by 114 points. Nifty opened on a positive note and shifted later into a narrow range movement for better part of the session. Intraday minor weakness of mid part has been bought into and Nifty closed near the highs.

A long bull candle was formed on the daily chart. Technically, this pattern indicates continuation of upside movement in the market after a small dip. The positive chart pattern like higher tops and bottoms continued on the daily chart. The recent swing low of 18555 could now be considered as a new higher bottom of the sequence. The 10 day EMA has been offering support for the market as per daily timeframe chart.

The near term trend of the market remains positive. One may expect Nifty to move above the hurdle of 18800-18900 levels in the next few sessions. Any weakness from the highs could find immediate support around 18500 levels.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex