Market Commentary

Technical Wrap - Nov 24, 2022 - HDFC Securities

Posted On : 2022-11-24 18:01:36( TIMEZONE : IST )

Technical Wrap - Nov 24, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing consolidation movement in the last 6-7 sessions, Nifty witnessed an excellent upside breakout on Thursday and closed the day with hefty gains of around 216 points. After opening with a positive note, the market continued gradual upmove with range bound action for the better part of the session. Sharp intraday buying has emerged around 3pm and Nifty moved up sharply and closed at the new swing highs.

A long bull candle was formed on the daily chart, which indicates an attempt of sharp upside breakout of the crucial resistance around 18400 levels. This also signal an upside breakout of the range movement of the last two weeks.

Positive chart pattern like higher tops and bottoms continued on the daily chart and the recent swing low of 18133 could now be considered as a new higher bottom of the sequence. Further upmove from here is likely to pull Nifty towards the new higher top.

Conclusion: After the choppy movement, the buying has finally emerged in the market at the highs and the immediate resistance of 18400 has been taken out on the upside. The Nifty is expected to move above another landmark of 18606 levels (all time high of Oct 21) and to form a new all time highs in the short term. Immediate support is placed at 18400.

Source : Equity Bulls


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