Technical Observation - April 13, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

After witnessing a sharp upmove on last Thursday, Nifty slipped into weakness on Monday and closed the day lower by around 1.3%. A small negative candle was formed on Monday, that has placed just beside the positive candle of Thursday. Technically, this pattern signals minor profit booking from near the key overhead resistance of 9100-9200 levels.

Presently, the upper area of 9100-9200 has been acting as a key overhead resistance and Nifty is showing minor downward correction from near the hurdle. Hence, this sideways range movement or minor downward correction could eventually result in an upside breakout of the hurdle (9200) in the short term. Such upside breakout could open up a renewed buying enthusiasm in the market ahead.

Source : Equity Bulls

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