Technical Wrap - June 26, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing weakness from the swing highs in the last couple of sessions, Nifty shifted into minor upmove amidst a range movement on Monday and closed the day higher by 25 points. After opening with a positive note, the market shifted into a narrow high low range of 75 points for the whole session. The market breadth was slightly positive for the day.

A small positive candle was formed on the daily chart with open and close for the day at the same. Technically, this pattern signal a formation of doji or high wave type candle pattern after small weakness. The immediate support of 10day EMA has been broken on the down side on Friday at 18750 levels and the Nifty is currently placed at the next crucial support of 20day EMA around 18650 levels.

The said 20day EMA has been active in the last couple of months and minor upside bounce could be expected in the short term. However, any weakness below this support at 18650 levels is likely to bring next round of weakness in the market. Immediate resistance is placed at 18760 levels.

Source : Equity Bulls

Keywords

TechnicalWrap Nifty Sensex HDFCSecurities