Technical Wrap - July 10, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing sharp weakness from the new all time high on Friday, Nifty shifted into an upside bounce amidst volatility on Monday and closed the day higher by 24 points. After opening with a positive note, the market made an attempt to move up in the early part of the session. Volatility continued for better part and the market closed the day with modest gains towards the end.

A small negative candle was formed on the daily chart with minor upper an lower shadow. This pattern was formed within a high low range of long negative candle of Friday, which is signaling an inside day pattern.

After the sharp weakness of Friday, Nifty failing to show any follow-through weakness in subsequent session could be a sigh of relief for bulls. There is a possibility of another attempt to scale towards the upper range of 19500 levels in the short term. However, any weakness below the immediate support of 19300 could lead Nifty towards the next crucial support of 19200-19000 levels in the near term. Fresh buying could only emerge on a decisive upside breakout above 19500 levels.

Source : Equity Bulls

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TechnicalWrap Nifty Sensex HDFCSecurities