Technical Wrap - June 14, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a sustainable upside bounce on Tuesday, Nifty shifted into a lackluster movement on Wednesday and closed the day higher by 39 points. Nifty opened on a positive note, showed minor intraday weakness soon after the opening. It later showed upside bounce with range bound action for rest of the session.

A small positive candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern signal high wave type candle formation, which reflects volatility at the highs. Currently, the market is placed at the hurdle of 18800 levels and is showing lack of strength to witness any decisive upside breakout of the same.

The positive chart pattern of higher highs and lows is intact as per daily timeframe chart. Further upmove above 18778 levels with lack of strength could possibly result in another higher top formation for the short term and that could bring next round of short term weakness for the market. However, a decisive move above 18800-18900 levels could open further upside into all time highs. Immediate support is placed at 18625.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Sensex Nifty