Market Commentary

Technical Wrap - Nov 30, 2022 - HDFC Securities

Posted On : 2022-11-30 18:00:21( TIMEZONE : IST )

Technical Wrap - Nov 30, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty surged up sharply during late hours of trade on Wednesday and closed the day with decent gains of around 140 points. After opening with a positive note, the market shifted into a range movement with positive bias for better part of the session. The sharp buying has emerged towards the end and Nifty closed near the all time high of 18816 levels.

A long bull candle was formed on the daily chart with minor upper shadow. Technically, this pattern indicates a continuation of upside momentum in the market. After showing a choppy movement in the last couple of sessions the market displayed a strong upside momentum towards the later part of session. This is positive indication.

The positive chart pattern of higher tops and bottoms continued on the daily chart. Though, Nifty placed near the higher top around 18800 levels, still there is no indication of reversal pattern forming at the highs. Immediate support is placed at 18680 levels and the upside target remains intact around 18950-19000 levels (0.786% Fibonacci Extension).

Source : Equity Bulls


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