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Below is the Views On Technical Note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Currently, Nifty is weak and one may expect further weakness in the coming sessions : HDFC securities
The recent upside bounce amidst a range movement seems to have completed in the market, as the Nifty reversed down sharply on Thursday. A long negative candle was formed on Thursday, which is placed near the lower end of present ascending channel pattern.
We observe a typical movement in the Nifty as per daily timeframe chart like, sharp decline, post gradual upmoves with range movement. Thursday's weakness after moving into a similar upmove with lackluster movement could indicate a probable resumption of next round of sharp weakness (previously happened in the early part of July).
The underlying trend of Nifty is weak and one may expect further weakness in the coming sessions. One may expect retest of recent lows (11.460 levels) in the next few sessions.
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