Technical Observation - March 17, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

Nifty slipped into weakness on Tuesday amidst high volatility and closed the day lower by 2.5%. A long bear candle was formed on Tuesday, after opening higher. Technically, this pattern indicates a continuation of down trend in the market.

After a sharp upside bounce of 13th March, Nifty was not able to sustain the gains in the last couple of sessions, which indicates a weak inherent strength in the market. The next crucial lower levels to be watched around 8500. As long as this support holds, there is a possibility of stability in the market and one may expect an upside bounce from the lows.

Source : Equity Bulls

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