Market Commentary

Technical Wrap - July 7, 2022 - HDFC Securities

Posted On : 2022-07-07 21:47:59( TIMEZONE : IST )

Technical Wrap - July 7, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a sharp upmove on Wednesday, Nifty shifted into a sustainable up move on Thursday amidst range movement on Thursday and closed the day higher by 143 points. After opening with an upside gap of 124 points, the market shifted into a range-bound action for the better part of the session. It later showed volatility in the afternoon and moved up again towards the end and closed near the highs. The opening upside gap has been filled partially.

A small positive candle was formed with a long lower shadow. Technically, this pattern indicates a continuation of up move post upside breakout of the crucial overhead resistance at 15900 levels. After the upside breakout of the hurdle at 15900 levels recently, the market is now advancing towards another hurdle of the previous opening downside gap of 13th June at 16175 levels. Hence a sustainable move above 16200 levels could open further sharp up move ahead. Immediate support is placed at 16000 levels.

Source : Equity Bulls


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