Market Commentary

Technical Wrap - Dec 2, 2022 - HDFC Securities

Posted On : 2022-12-02 18:18:20( TIMEZONE : IST )

Technical Wrap - Dec 2, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a consistent upmove over the last eight sessions, Nifty finally given up its running streak on Friday and slipped into weakness by 116 points. After opening with a negative note on Friday, the market showed further weakness in the early to mid part of the session. It later shifted in to a gradual upside recovery with range bound action in the mid to later part of the session.

A small negative candle was formed on the daily chart, which is back to back in the last two sessions. This pattern indicates a resumption of minor profit booking in the market from the all time highs. The present weakness seems to be minor one as compared to sharp upmove in the last two weeks.

The positive chart pattern like higher tops and bottoms come into scene as per daily chart. The all time high of Thursday at 18887 could now be considered as a new higher top of the sequence and present weakness is expected to find higher bottom in the short term.

Nifty as per weekly chart, formed a long positive candle with upper shadow. The near-term uptrend status remains intact for Nifty as per smaller and larger timeframe charts and there is a possibility of an upside bounce from the lows in the next 1-2 sessions. Immediate support is placed at 18550-18450 levels.

Source : Equity Bulls


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