Market Commentary

Technical Wrap - Sep 29, 2022 - HDFC Securities

Posted On : 2022-09-29 17:56:00( TIMEZONE : IST )

Technical Wrap - Sep 29, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing high volatility on Wednesday, Nifty failed to sustain the intraday upside bounce on Thursday and closed the day lower by 40 points. Nifty opened on a positive note but was not able to sustain the intraday gains at the 17K mark after opening and started with gradual intraday weakness from the highs. The volatility emerged in the mid to later part and the Nifty finally closed near the lows.

A long bear candle was formed on the daily chart, that has been placed at the edge of important support at 16800 levels. The market has been repeatedly testing the lower support of 16800 levels but was not gaining momentum on the upside. This is not a good sign, and this reflects that the said support could be broken on the downside soon.

Further weakness below 16800 levels, the market could slide down to the next key support around 16650 levels, which is a 50% Fibonacci retracement taken from the June bottom to September top. Any upside movement from here could encounter strong resistance around 17030 levels.

Source : Equity Bulls


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