Technical Observation - April 28, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

After showing range bound movement in the last couple of session, Nifty witnessed a fine upside bounce on Tuesday in the later half and closed the day higher by 1.06%. A small body of positive candle was formed on Tuesday with lower shadow, which indicates a buy on dips opportunity in the market. The sharp lower levels buying has emerged on Tuesday, post sell on rise action in previous few occasions. This is positive indication.

The rising wedge pattern is now getting closer with small high low range movement in Nifty. The market is currently placed near the upside breakout of the said wedge around 9500. Hence a sustainable move above 9500 could have a sharp positive impact on the market ahead.

The short term trend of Nifty is positive and one may expect further upside of 9480-9500 levels in the coming sessions. Immediate support is placed at 9260.

Source : Equity Bulls

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