Technical Observation - Nifty - Nagaraj Shetti - Technical Analyst, HDFC securities

After showing a fine upside bounce on Friday, Nifty showed range bound action on Monday and closed the day on a slightly negative note. A negative candle was formed on Monday after higher opening, technically this pattern indicates minor profit booking from the highs. The overall trend for the day was choppy.

Nifty placed at the hurdle of upward sloping channel at 9400 levels. The strength of upside momentum is lacking at the higher levels.

The short term trend of Nifty is positive with range bound action. Immediate supports to be watched at 9150 levels for short term.

Source : Equity Bulls

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