Market Commentary

Technical Wrap - June 7, 2023 - HDFC Securities

Posted On : 2023-06-07 17:04:32( TIMEZONE : IST )

Technical Wrap - June 7, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing range bound action in the last few sessions, Nifty shifted into a decent upmove on Wednesday and closed the day higher by 127 points. After opening with a positive note, the market shifted into a range bound movement for better part of the session. The buying has emerged in the mid to later part of the session and Nifty closed near the highs.

A long bull candle was formed on the daily chart with gap up opening. This indicates an attempt of upside breakout of minor range movement. Nifty formed a new swing high of 18738 levels on Wednesday and closed near the highs.

The Nifty is all set to move into all time highs (above the high of 18887-1st Dec 22) in the short term and that could possibly open sharp upside momentum for the market ahead. Positive chart pattern like higher tops and bottoms continued as per daily chart and present upmove is in line with the new higher top of the sequence. There is no confirmation of any higher top reversal as of now. Immediate supports to be watched at 18650 levels and the immediate resistance is around 18900 levels for the short term.

Source : Equity Bulls


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