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Below is the Views On Daily market quote by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Nifty showed a decent upside bounce today, any upmove from here could encounter resistance at 11,125 levels : HDFC securities
The Nifty showed a decent upside bounce today, after the sharp weakness of Tuesday and closed the day higher. A small positive candle was formed today with upper and lower shadow. This candle pattern resembles a formation of high wave type formation. Today's formation was placed within a body of long bear candle of Tuesday, which indicates an inside day type formation.
Hence, both of these candle formations raises some hopes for bulls to make a comeback. Immediate support of 10950 is going to be crucial to maintain positive bias for the short term. Any upmove from here could encounter resistance at 11,125 levels.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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