Technical Wrap - Dec 13, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing a sustainable upside recovery from the lows on Monday, Nifty continued its upside momentum amidst a range movement on Tuesday and closed the day with decent gains of around 110 points. After opening with a positive note, the market continued with upside momentum in the early-mid part of the session.

A reasonable positive candle was formed on the daily chart on Tuesday which is indicating a comeback of bulls after a small downward correction. After an attempt of downside breakout of the support at 18550 levels on 9th Dec, the market failed to show follow-through weakness in the next couple of sessions. This pattern indicates a false downside breakout of the support and such actions more often results in sharp upside movement.

Conclusion: The short term trend of Nifty continues to be positive and a sustainable move above the hurdle of 18650 is expected to be an upside breakout of the crucial overhead resistance. The said upside breakout is likely to open doors for new all time highs in the near term. Immediate support is placed at 18500 levels.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex