Market Commentary

Technical Wrap - June 9, 2023 - HDFC Securities

Posted On : 2023-06-09 18:00:13( TIMEZONE : IST )

Technical Wrap - June 9, 2023 - HDFC Securities

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities on today's market performance.

After showing higher levels weakness on Thursday at 18777, Nifty continued to show declines amidst a range movement on Friday and closed the day lower by 71 points. After opening with a positive note, the market was not able to sustain the opening gains in the early part of the trade and started to show gradual weakness, that lasted till the end. Intraday upside recoveries in between have been sold out.

A reasonable negative candle was formed on the daily chart, which indicates downward correction in the market from the higher levels. The positive chart pattern like higher tops and bottoms continued in Nifty as per daily timeframe chart and present weakness could be in line with the new higher bottom of the sequence. But the higher bottom reversal needs to be confirmed.

Immediate support for Nifty is placed around 18450 levels and any pullback rally could find resistance around 18750 levels.

Source : Equity Bulls


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