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Below is the Views On technical note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Nifty made an attempt to gain upside momentum and closed decently higher, after showing range bound action last few sessions : HDFC securities
After showing a range bound action in the last 4-5 sessions, the Nifty made an attempt to gain upside momentum today and closed the day decently higher. A long bull candle was formed today, that has closed just above the key overhead resistance of 11,650 levels (resistance as per the concept of change in polarity).
The Nifty needs to sustain and move decisively above this resistance area in the short term to consider further strength in an upside bounce. If the Nifty fails to sustain above 11650 levels in the next 1-2 sessions, then we may expect a sharp fall from the highs.
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