Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia
Download Telegram App before Joining the Channel
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.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer