Market Commentary

Technical Wrap - June 5, 2023 - HDFC Securities

Posted On : 2023-06-05 18:06:38( TIMEZONE : IST )

Technical Wrap - June 5, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After bouncing back from a short-term downward correction in Nifty on Friday, Nifty continued with upside momentum amidst choppy movement on Friday and closed the day higher by 59 points. After opening with a positive note, the market was not able to continue its upside momentum in the early to mid part of the session. It shifted into a narrow range movement for better part of the session.

A small negative candle was formed on the daily chart with minor upper shadow. Technically, this pattern indicates a lackluster type movement in the market at the highs . The upper area of 18600-18700 has been acting as a crucial hurdle as of now. The positive chart pattern like higher tops and bottoms continued and present upmove could be in line with the formation of new higher top of the sequence.

Conclusion: The short-term trend of Nifty continues to be positive with range bound action. The present consolidation movement is expected to continue within a high low range of 18700-18500 levels in the next 1-2 sessions. A decisive move above 18700-18800 is expected to bring more upside for the near term.

Source : Equity Bulls


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