Market Commentary

Technical Wrap - June 6, 2023 - HDFC Securities

Posted On : 2023-06-06 18:28:28( TIMEZONE : IST )

Technical Wrap - June 6, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing minor weakness from the upper range of 18650 levels on Monday, Nifty continued with choppy movement on Tuesday and closed the day with minor gains of 05 points. After opening with a flat note, the market has shifted into weakness with range bound action for better part of the session. Upside recovery has emerged from the days low in the mid to later part of the session and Nifty closed off the days low.

An identical opening and close was formed on Tuesday, which indicates a formation of doji type candle pattern on the daily timeframe chart. Normally, such doji formations after a reasonable upmove or down move calls for reversal. Having formed this pattern amidst a range movement, the predictive value of this pattern could be less.

Immediate supports like daily 10 and 20 period EMAs are intact and the intraday buying has been emerging so far from this supports in the short term. On the upper side, repeated testing of crucial hurdle around 18600-18700 levels is expected to result in decisive upside breakout. Immediate support is at 18500 levels.

Source : Equity Bulls


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