Technical Wrap - June 30, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty witnessed sharp upside momentum for the third consecutive sessions on Friday and closed the day with hefty gains of 216 points. After opening with an upside gap of 104 points, Nifty continued its gradual upside momentum for the whole sessions. Intraday minor dips in between have been bought into and the market closed at the highs. New all time high was registered at 19201 levels.

A long bull candle was formed on the daily chart with gap up opening, which is for the third consecutive sessions. The opening upside gaps of the last two sessions are unfilled. As per the gap theory, this pattern could be considered as a runaway gap, which reflects uptrend continuation pattern in the underlying.

Nifty witnessed decisive upside breakout of the hurdle of 18900 levels in this week and zoomed into all time highs, as per weekly chart. The formation of long bull candle during upside breakout signal resumption of sharp up trended movement in the market. the negative candlestick pattern (bearish dark cloud cover) of last week has been taken out decisively on the upside.

The near term uptrend of Nifty remains intact and one may expect Nifty to reach up to 19500 levels in the coming week. Immediate support is at 19050 levels.

Source : Equity Bulls

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TechnicalWrap Nifty Sensex HDFCSecurities