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Market Commentary
Technical Wrap - Dec 26, 2022 - HDFC Securities
Posted On : 2022-12-26 19:48:52( TIMEZONE : IST )
Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
After showing a steep weakness on Friday, Nifty witnessed a sustainable upside bounce on Monday and closed the day with smart gains of around 207 points. After showing a knee jerk action at the opening, the market continued to surge up for the whole session. Minor intraday weakness has emerged towards the end at the hurdle of 18100 levels and Nifty closed near the highs.
A long bull candle was formed with minor upper shadow on the daily chart, that has placed beside the long negative candle of previous session. Technically, this pattern signal a counter attack of bulls after a sharp weakness.
After the downside breakout of crucial support of ascending trend line at 18100 levels on Friday, the Nifty showing immediate upside bounces on Monday without follow-through sell off could be a cheering factor for bulls to make a comeback. A sustainable move above 18100-18150 levels is likely to be considered as a false downside breakout of TL and that could have more positive impact on the market ahead. Immediate support is at 17800 levels.
