Technical Observation - April 15, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

After showing range bound movement in the last couple of sessions, Nifty witnessed profit booking from the highs on Wednesday and closed the day lower by 68 points. A long negative candle was formed on Wednesday, which engulfed a narrow range movement of the last two sessions.

The lower area of 8900 is continuously acting support for the market in the last three sessions, but the Nifty is unable to sustain the gains at the highs. This repeated testing of the support without any substantial gains could eventually result in a down side breakout in the short term.

The short term trend of Nifty is choppy with weak bias. There is a possibility of a downside breakout of 8900 support levels in the next 1-2 sessions and one may likely to see the next lows of 8650-8600 in the near term.

Source : Equity Bulls

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