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Below is the Views On Daily market quote by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
The Nifty slipped into a sharp weakness today, crucial lower supports to be watched at 10,782 levels : HDFC securities
After showing an upside bounce in the previous couple of sessions, the Nifty slipped into a sharp weakness today. The key overhead resistance of 11,120 has proved to be a strong resistance, as the Nifty was not able to sustain above it, after surpassing it as per intraday basis on Friday.
A long negative candle was formed on Tuesday, which signals a formation of bearish engulfing type pattern, after a small rise (not a classical one). Today's sharp negative reversal after a small rise signals more weakness ahead in the coming sessions. The crucial lower supports to be watched at 10,782 levels.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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