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Published on 24/01/2020 5:21:46 PM | Source: HDFC Securities Ltd

Technical View on Market by Mr. Nagaraj Shetti, HDFC Securities 24 January 2020

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Below is the Views On Daily Markets Note By Mr. Nagaraj Shetti – Technical & Derivative Analyst, HDFC Securities

After showing an upside bounce from the lows in the last session, the Nifty shifted into a follow-through upmove today and closed the day decently higher. A long bull candle was formed today, which indicates a confirmation of an upside bounce in the market, after the formation of higher bottom at 12088 (22nd Jan).

Nifty as per weekly time frame chart formed a long negative candle with lower shadow. Technically, this pattern signals a bearish engulfing type pattern at the new highs of 12430 levels. But, the formation of long lower shadow in the weekly chart could raise concern over negative pattern confirmation.

The underlying trend of Nifty is positive, one may expect pre-budget upside rally in the next week. There is a possibility of a new all-time high formation above 12430 levels in the next week.

 

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