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Below is the Views On Daily market quote by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Nifty moved up today, but was not able to sustain the gains and showed consolidation : HDFC securities
After showing a lower levels recovery in the last couple of sessions, the Nifty moved up today, but was not able to sustain the gains and showed consolidation. A small negative candle was formed today with upper shadow.
Technically, this pattern indicates an emergence of selling pressure at the highs. The key overhead resistance of 11,125-150 levels (resistance as per the concept of change in polarity) has been tested today and the Nifty was not able to sustain the highs, after moving above it as per intraday. The short term trend of Nifty is positive amidst a range movement. A sustainable move above 11,150 levels is expected to have further positive impact on the market.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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