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Below is the Views On Technical Note by Nagaraj Shetti - Senior Technical & Derivative Analyst, HDFC securities
Downtrend continued in the market for the third consecutive session on Monday and the Nifty closed lower : HDFC securities
The downtrend continued in the market for the third consecutive session on Monday and the Nifty closed lower. A small body negative candle was formed today with minor lower shadow. Technically, this pattern indicates continuation of downside momentum, but with decreased strength.
We observe a typical lower tops and bottoms as per daily timeframe chart. The sharp decline in past was followed by a gradual upside bounce amidst a range movement. Hence, there is a possibility of upside bounce from the lows in the short term. Immediate supports to be watched at 11300 levels.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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