Technical Wrap - July 3, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Sharp upside momentum continued in the market for the fourth consecutive sessions on Monday and Nifty closed the day with another handsome gains of 133 points. After opening with an upside gap of 56 points, the market slipped into minor intraday weakness in the early-mid part of the session. However, the intraday dip in between has turned out to be a buying opportunity and Nifty closed near the highs. The opening upside gap remains unfilled and new all time high was registered at 19345.

A long bull candle was formed with gap up opening. We observe unfilled gaps in the last three sessions, which is signaling a bullish run away gaps. Normally, such bullish runaway gaps area formed in the middle of the trend.

Though, Nifty placed at the all time highs, still there is no indication of any reversal building up at the higher levels. The crucial overhead resistance comes around 19500 and next 19800 levels, which are 1.236% and 1.382% Fibonacci projections, taken from the bottom-top-bottom swings as per weekly timeframe chart. Immediate support is at 19200 levels.

Source : Equity Bulls

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TechnicalWrap Nifty Sensex HDFCSecurities