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Technical View - June 19, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Posted On: 2020-06-21 08:48:11


Nifty witnessed an excellent upmove back to back in the last couple of sessions and closed Friday on a decent upside gains of 152 points. A long bull candle was formed on Friday and Nifty is currently placed near the key overhead resistance of 10330 (previous opening downside gap of 12th March).

The positive sequential movement like higher tops and bottoms is intact and currently, Nifty is on the way towards new higher top above 10330 levels. A sustainable move above 10330 could open further upside in the short term.

Nifty on the weekly chart formed a long bullish candle with lower shadow. This candle pattern has been formed this week, after the formation of long negative weekly candle in the last week. This week's pattern seems to have negated the bearish sentiment created in the last week.

The short term trend of Nifty continues to be positive. The next upside levels to be watched at 10330. A sustainable move above this area could pull towards 10550-10600 levels by next week.


Source: Equity Bulls

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