Market Commentary

Technical Wrap - Nov 28, 2022 - HDFC Securities

Posted On : 2022-11-28 19:06:51( TIMEZONE : IST )

Technical Wrap - Nov 28, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After forming a breather type candle pattern on Friday, Nifty witnessed a decisive upmove from intraday lows on Monday and registered all time highs of at 18614 levels and closed near the highs. After opening lower, the Nifty shifted into a sustainable upside bounce from the days low of 18365 levels. Upside momentum continued in the mid part and minor consolidation was seen at the all time highs towards the end.

A long bull candle was formed on the daily chart, which indicates upside continuation pattern. The smaller degree of positive sequence like higher tops and bottoms continued in the market on daily chart and Nifty is currently nearing a new higher top of the sequence at new highs. Still there is no indication of any reversal forming at the highs.

Nifty as per weekly chart is in a sharp uptrended movement and there is no sign of any tiredness/reversal observed at the highs. Having registered a new all time high, the next upside target to be watched for Nifty is at 0.786% fibonacci extension at 18955 levels (taken from the June bottom, Sept top and Sept higher bottom-as per weekly chart). This could be achieved in the next 1-2 weeks. Immediate support is placed at 18350 levels.

Source : Equity Bulls


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