Below is the Views On Technical note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Nifty showed a consolidation movement in today's session and closed the day on a minor gains : HDFC securities
After showing a sharp weakness in the last session, the Nifty showed a consolidation movement in today's session and closed the day on a minor gains. A small body of negative candle was formed today with minor lower shadow. This consolidation pattern has formed within a long negative candle of Tuesday. This pattern indicates a range movement and this raises hopes for another round of upside bounce from the lower levels.
The Nifty not showing any follow-through weakness today, after a sharp weakness of Tuesday could be a relief factor for the bulls to make a comeback from the lower levels. Some more consolidation or a minor weakness is likely in the next 1-2 sessions, before showing another round of upside bounce from the lows. Immediate supports to be watched at 10,750 levels.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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