Technical Wrap - June 28, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a sustainable upside bounce from the lows on Tuesday, Nifty witnessed an excellent upside breakout on Wednesday and made a new all time high of 19011 levels and closed the day with gains of 154 points. After opening with an upside gap of 91 points, the Nifty shifted into further upmove amidst range movement for early-mid part of the session. Minor volatility was seen at the new all-time highs towards the end and finally closed the day slightly off the highs. The opening upside gap remains unfilled.

A long bull candle was formed on the daily chart with gap up opening. Technically, this pattern indicates sharp upside momentum to surpass the crucial overhead resistance of 18900 levels and to zoom into new all-time highs. The positive chart pattern like higher tops and bottoms is intact and the present upmove is in line with the new higher top formation of the sequence. But, the higher top reversal has not been confirmed yet.

The short-term trend of Nifty continues to be positive. Having surpassed above the crucial overhead resistance of 18900 levels on Wednesday, there is a possibility of more upside towards 19100-19200 levels in the next few sessions before shifting in to consolidation/minor weakness from the highs. Immediate support is at 18830 levels.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex