Market Commentary

Technical Wrap - April 28, 2023 - HDFC Securities

Posted On : 2023-04-29 10:04:36( TIMEZONE : IST )

Technical Wrap - April 28, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing gradual upmove in the early part of the week, the Nifty seems to have gathered sharp upside momentum in the last two sessions. After opening with a positive note on Friday, the market slipped into minor weakness soon after the opening. Buying has emerged from the days low of 17885 levels and Nifty closed near the highs.

A long bull candle was formed on the daily chart with minor lower shadow. Technically, this pattern indicates continuation of upside momentum with strength. After the formation of higher bottom at 17553 levels on 21st April, the market is in an upward journey. This pattern signals negation of previous bearish pattern like lower tops and bottoms and the resumption of positive pattern like higher tops and bottoms. Presently, Nifty is moving towards the formation of new higher top, which is not confirmed yet.

Nifty on the weekly chart formed a long bull candle, that has negated the last weeks bearish engulfing candle pattern and closed above it. Bank Nifty continued its upside momentum and is currently placed near the crucial hurdle at 43500 levels.

Conclusion: The short term uptrend of Nifty remains intact and the market is expected to reach up to the next resistance of 18200-18300 levels in the next week. Immediate support is placed at 17900 levels.

Source : Equity Bulls


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