Technical View - July 1, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty witnessed sustainable upmove on Wednesday, after showing range bound movement in the last few sessions. A long bull candle was formed, that has engulfed the negative candle of Tuesday. This is positive indication for the short term.

The intraday triangle type pattern has been broken on the upside at 10400 levels (as per 60 mins chart), and Nifty closed above that levels. Hence, a sustainable move above 10450 is likely to pull Nifty towards the next upside resistance of around 10550-10600 levels in the short term.

The positive sequential movement like higher tops and bottoms is intact and the recent swing low of 10194 of 25th June could be considered as a new higher bottom of the sequence. Hence, further upside from here could surpass last higher swing high of 10553 levels in the near term.

The short term trend of Nifty is positive. One may expect it to move up sharply above 10450 levels in the next 1-2 sessions. The next upside levels to be watched around 10550-10600. Immediate support is placed at 10380-10350 levels.

Source : Equity Bulls

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