Technical Observation - May 21, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing sharp upside bounce in the last session, Nifty struggled to sustain the intraday upside today and closed the day on a minor gains of 39 points. A small positive candle was formed with upper shadow. Technically, this pattern indicates presence of key overhead resistance around 9150-9200 levels.

Negative chart pattern of higher highs and low continued in the market on the daily chart and currently Nifty is making an attempt to form a new lower high around 9200 levels. Any decline from near 9200 levels is expected to slide down to lower 8900 levels in the near term.

On the other side, a sustainable move above 9200-9250 levels is likely to bring bulls back into action. Immediate support is placed around 8850-8800.

Source : Equity Bulls

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