Technical Wrap - July 6, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing consolidation type movement in the last couple of sessions, Nifty resumed its upside momentum on Thursday and closed the day higher by 98 points. After opening with a weak note, the market bounced back from the intraday lows in the early part of the session and continued to move up later amidst range movement. The upside got strengthened towards the end and Nifty closed near the highs with volatility. New all time high was registered at 19512 levels.

A long bull candle was formed on the daily chart on Thursday, post consolidation type pattern of two sessions. This signal that the market is in a sharp up trended move and there is a lack of selling interest at the new highs. This could be considered as an uptrend continuation pattern.

Nifty reached the initial upside trajectory of 19500 levels, which is 1.236% Fibonacci projection of weekly latest bottom-top-bottom swings. Hence, a sustainable move above this hurdle could pull Nifty towards another resistance of this projection at 19800 levels -1.382% projection in the coming weeks. Immediate support is at 19400 levels.

Source : Equity Bulls

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TechnicalWrap Nifty Sensex HDFCSecurities