Technical Wrap - July 11, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a choppy movement with weak bias in the last few sessions, Nifty shifted into an upside bounce on Tuesday amidst volatility and closed the day higher by 83 points. After opening with an upside gap of 72 points, the market continued its upside momentum in the early-mid part of the session. intraday weakness got triggered at the swing high of 19515 levels and the market was managed to show sizable upside recovery towards the end. The opening upside gap remains unfilled.

A small positive candle was formed on the daily chart with long upper shadow. Technically, this pattern reflect an emergence of selling pressure at the highs. Presently, the Nifty is hovering within a high low range of around 19300-19500 levels over the last six sessions and presently tagging the upper band at 19500 levels. The momentum is expected to strengthen only on Nifty moving beyond this range on either side.

Therefore, a decisive upside breakout of 19500 levels is expected to pull Nifty towards another hurdle of 19800 levels in quick period of time. However, any weakness below 19300 levels could result in a downward correction towards the next support of 19100-19000 levels in the near term.

Source : Equity Bulls

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TechnicalWrap Nifty Sensex HDFCSecurities