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Below is the Technical Views On daily markets note by Mr. Nagaraj Shetti – Technical & Derivative Analyst, HDFC securities
The sideways range movement continued in the Nifty and the market closed the day on a minor loss. A small positive candle was formed today with upper shadow. We observe a long upper shadow in the last two candles, which indicate an emergence of minor selling from near 12400 levels. But, this selling pressure is not threatening bulls at the higher levels.
The Nifty as per weekly timeframe placed at the hurdle at 12400 (uptrend line, connecting previous important swing highs), but still there is no indication of any reversal pattern at the new highs/resistance. This is positive indication.
The short term trend of Nifty continues to be positive. There is a possibility of an upside breakout attempt of 12400 levels in the next week. A decisive/sustainable up move above 12400-450 levels could lead towards the next upside levels of 12650-700 levels in the next few weeks. A confirmation of reversal could open up a downward correction in the market.
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