Technical Wrap - June 21, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty shifted into a follow-through upmove on Wednesday amidst a range movement and closed the day with gains of 40 points. After opening with a positive note, the market continued its upside momentum in the early part of the session. Minor intraday dips in between have been bought into and the market closed the day with modest gains.

A thin body of positive candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates high wave or doji type of candle pattern at the highs, which signal emergence of volatility at the highs.

Nifty is currently placed at the edge of moving into new all time high above 18887 levels (top of 1st of Dec 22). The market is repeatedly making an attempt to witness upside breakout, but was not able to succeed due to lack of strength at the hurdle.

The underlying trend of Nifty continues to be positive with range bound movement. A decisive move above 18900 levels is expected to open the next upside towards 19100-19200 levels in the near term. Immediate support is at 18730 levels.

Source : Equity Bulls

Keywords

TechnicalWrap Nifty Sensex HDFCSecurities