Technical Wrap - June 20, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing weakness from the swing highs on Monday, Nifty witnessed sharp intraday upside recovery from the lows on Tuesday and closed the day higher by 61 points. After opening with a flat note, the market slipped into weakness in the early-mid part of the session. Decisive intraday upside recovery has emerged from the days low of 18660 levels and the upside bounce continued till mid to later part of the session.

A reasonable positive candle was formed on the daily chart with long lower shadow. Technically, this pattern indicates strength of near term uptrend in the market with buy on minor dips opportunity. Hence, one may expect Nifty to zoom into all time highs (above 18887-top of 1st Dec 22) in the next few sessions.

The near term uptrend in Nifty remains intact and one may expect Nifty to reach up to 19100-19200 levels in the next 1-2 weeks. Immediate support is placed at 18650 levels.

Source : Equity Bulls

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TechnicalWrap Nifty Sensex HDFCSecurities