Market Commentary

Technical Wrap - March 28, 2023 - HDFC Securities

Posted On : 2023-03-28 17:14:46( TIMEZONE : IST )

Technical Wrap - March 28, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Weakness with range bound action continued in the market on Tuesday and Nifty closed the day lower by 34 points amidst a choppy movement. After opening with a positive note, the market was not able to sustain the morning gains and slipped into intraday weakness from the highs. It later shifted into a narrow range movement with weak bias for rest of the session and closed near the lows.

A reasonable negative candle was formed on the daily chart with minor upper and lower shadow. Currently, the Nifty is repeatedly hitting the support of 16900-16850 levels and showing lack of strength to sustain the intraday upside bounces. The doji pattern of Monday has not impacted positively for the market in the next session.

If the Nifty fails to regain strength to move up from the support in the short term, then that action could eventually result in a decisive downside breakout of the support band of 16900-16800 levels in the near term. Any upside bounce from here could find strong resistance around 17100 levels.

Source : Equity Bulls


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