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Below is the Technical Views On daily markets note by Mr. Nagaraj Shetti – Technical & Derivative Analyst, HDFC securities
The Nifty continued with upside momentum today and registered another new high at 12373 levels. A small body positive candle was formed today and closed near the highs. Technically, this pattern indicates a small upside breakout attempt of an intraday range.
The Nifty is now placed at the key overhead resistance of around 12400 levels, but there is no indications of any selling pressure emerging at the highs. The overall market breadth is positive and broad market indices are currently outperforming the bench mark index.
The short term trend of Nifty continues to be positive. A decisive move above 12400 levels could open up a sharp upside in the near term.
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