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Below is the Views On Technical note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Nifty witnessed a smart comeback from the lows today and closed the day higher, Immediate resistance to be watched around 10,950 -11,000 levels : HDFC securities
After showing a sharp weakness in the last few sessions, the Nifty witnessed a smart comeback from the lows today and closed the day higher. A long bull candle was formed today after opening lower.
Technically, this candle pattern indicates a formation of 'bullish piercing line' type pattern. This formation could be considered as a near term bottom reversal in the Nifty, post confirmation of the next session. We also observe a confirmation of positive divergence pattern in the Nifty/daily RSI, which signals that the upside momentum is gradually strengthening in the market.
The near term trend of Nifty is positive one may expect further upside in the next session. Immediate resistance to be watched around 10,950 -11,000 levels.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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