Technical Wrap - July 14, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing choppy movement at the highs in the last few sessions, Nifty made an attempt of upside breakout of the range at 19500-19550 levels in its last hour surge on Friday and closed the day higher by 150 points. Nifty opened on a positive note, moved up gradually amidst range movement for better part of the session. The sharp buying has emerged in the later half of the session and Nifty closed near the high. New all time high was registered at 19595 levels.

A long bull candle was formed on the daily chart with minor lower shadow. The chart pattern indicates an attempt of decisive upside breakout of the narrow range movement at 19300-19500 levels for the last few sessions.

Nifty on the weekly chart formed a long bull candle that has negated the bearish candle of last week and closed higher. Hence, a confirmation of upside breakout with follow-through upmove on Monday is likely to open more upside for the market ahead.

Having moved above the crucial resistance of 19500 (1.236% Fibonacci projection of weekly taken from recent bottom-top bottom). As, per this pattern, the next upside target to be watched around 1.382% Fibonacci projection at 19800 levels, which is expected to be a next upside target for the Nifty for coming week. Immediate support is at 19470 levels.

Source : Equity Bulls

Keywords

TechnicalWrap Nifty Sensex HDFCSecurities