Below is the Quote On Today’s Market Performance by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
After showing smart recovery from lower levels in the last couple of sessions, Nifty shifted into a range movement on Tuesday and closed the day on a slightly negative note. A small negative candle was formed within a high low range of 10400-10267 levels. Though, Nifty showed minor weakness on Tuesday, the broader market indices and market breadth have witnessed weak trend.
As long as Nifty moves in a range of 10400-10200, there is a possibility of a choppy movement in the market and this range move could eventually lead to a sharp movement on the either side.
Long term charts like weekly and monthly timeframe are intact with near term uptrend in the market. The long term study signals that any weakness in the Nifty could be a buying opportunity in the near term. A decisive move below the immediate support of 10200 could find strong lower base around 10K mark. A sustainable move above the resistance of 10400 could bring bulls back into action and could lead towards 10550-10600 levels in the near term.
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