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Technical Wrap - Aug 25, 2023 - HDFC Securities
Posted On : 2023-08-25 22:44:41( TIMEZONE : IST )
Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
After showing sharp weakness from the day's high on Thursday, Nifty continued with follow-through decline on Friday and closed the day lower by 120 points. After opening with downside gap of 89 points, the market has shifted into a gradual decline in the early to mid part of the session. Intraday upside recoveries in between have failed to sustain and Nifty closed near the lows towards the end. The opening downside gap remains partially filled.
A reasonable negative candle was formed on the daily chart with minor upper and lower shadow. After witnessing a false upside breakout of the crucial resistance of down sloping trend line at the high of 19480 levels on Friday, Nifty is now placed at the edge of showing downside breakout of immediate support of 19250.
A small negative candle was formed on the weekly chart with long upper shadow. Technically, this pattern signal a formation of 'inverted hammer' type candle pattern. Normally, such patterns after a reasonable decline alerts bulls for a comeback from the lows post confirmation.
The short term trend of Nifty continues to be negative and there is a possibility of some more weakness in the coming sessions. However, a sizable upside bounce from the important lower support of 19K mark can't be ruled out in the near term. Immediate resistance is placed at 19380 levels.
