Below is the Views On technical note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
After showing a lower levels recovery in the last few sessions, the Nifty slipped into a sharp weakness today and closed lower. A long negative was formed today with a new swing high of 12034 levels. This is negative indication.
Technically, with the Nifty reversing sharply down from near the new swing high of 12034 levels could indicate a reversal pattern at the highs. The key overhead resistance of 12K mark seems to have acted as a key overhead resistance in this week. There is a possibility of further weakness in the Nifty in coming session. Immediate supports to be watched at 11825 levels.
Nifty as per weekly time frame chart has formed a small body negative candle with upper shadow, which indicates a presence of key overhead resistance at the highs.
The near term trend of Nifty is weak and a decisive move below the immediate support of 11825 levels could open up more weakness in the next week.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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