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Below is the Views On technical note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Nifty shows a gradual upmove amidst a choppy trend in the last five sessions, indicates a range bound movement with positive bias : HDFC securities
The Nifty continued to show range movement today and closed the day on a small positive note. A small body of negative candle was formed today with long lower shadow. Technically, this pattern indicates a range bound movement in the market with positive bias.
The Nifty currently shows a gradual upmove amidst a range choppy trend in the last five sessions. This strength of an upside bounce compared to previous sharp weakness (long range bear candle) of 5th and 8th July possibly signals a 'dead cat bounce' in the market.
The underlying trend remains subdued for the market. The upper area of 11625-650 levels is going to be a strong overhead resistance for the market ahead. Failure to sustain above 11650 could result in a sharp reversal on the downside.
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