Market Commentary

Technical Wrap - March 24, 2023 - HDFC Securities

Posted On : 2023-03-24 17:48:51( TIMEZONE : IST )

Technical Wrap - March 24, 2023 - HDFC Securities

By Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After witnessing an intraday upside bounce towards 17200 levels on Thursday, Nifty displayed sharp weakness since last session and closed the day lower by 131 points on Friday. After opening with a positive note, the market shifted into a narrow range movement for better part of the session. The weakness got intensified in the mid to later part of the session and Nifty closed near the lows.

A long bear candle was formed on the daily chart, which indicates a sell on rise action in the market around 17200 levels. The recent swing high of 17207 could now be considered as a new lower top of the sequence and the market is on the way down to the new lower bottom - below 16800 levels in the near term.

The short term trend of Nifty continues to be weak. Immediate resistances are left unchallenged and strong supports have started to break on the downside one after another. One may expect Nifty to slide down to 16800-16700 levels by next week. On the upper side, the area of 17050 could be a crucial overhead resistance.

Source : Equity Bulls


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