Below is the Views On daily markets note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
After showing an upside bounce from the lows, the Nifty witnessed a fine intraday upmove in today's session, but was not able to sustain the gains and closed near the lows.
A small negative candle was formed today with long upper shadow. Technically, this pattern indicates an emergence of selling pressure at the highs. This action could mean a possibility of further consolidation or a minor weakness in the next week.
Nifty as per weekly chart formed a consolidation movement and closed slightly lower. A small positive candle was formed this week with upper and lower shadow. This could indicate a formation of high wave type pattern at the highs. This could signal a choppy trend in the market with limited weakness.
The underlying short term trend of Nifty is range bound, there is a possibility of broader range movement or minor weakness in the coming sessions. The key lower area of 11825-800 levels could be tested in the next few sessions.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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