Technical Wrap - Dec 19, 2022 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing weakness in the last couple of sessions, Nifty witnessed a decent upside bounce on Monday and closed the day higher by 151 points. After opening with a slightly positive note, Nifty continued its upside momentum for the whole session. Minor intraday dips in between have been used to move up further and Nifty closed near the days highs.

A long positive candle was formed on the daily chart, which signal a pullback rally in the market after a small downward correction. The negative chart pattern like smaller degree lower tops and bottoms continued as per the daily timeframe chart. After the formation of new lower bottom on Monday at 18244, the odds of some more upside bounces could be in store for the short term.

Conclusion: The market seems to have shifted towards a pullback rally after a small downward correction and this upside bounce is likely to continue for the next 1-2 sessions. Immediate resistance to be watched around 18500-18550 levels and the next support is placed at 18250 levels.

Source : Equity Bulls

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TechnicalWrap HDFCSecurities Nifty Sensex