Nifty has seen some profit booking in last two sessions From the high of 18887 - HDFC Securities
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/12/2fa7292920b5cfdcacc5ebd7758a82b4.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Daily Technical View on Nifty
* Nifty has seen some profit booking in last two sessions. From the high of 18887, Nifty has slightly come down and hit a low at 18591 on 5th December. This fall seems to be short lived, as Nifty has been holding its levels above all important moving averages and it is holding a formation of higher tops and higher bottoms on the daily charts.
* RSI oscillator on the daily chart has reached overbought zone, but there is no sign of negative divergence is seen on the chart. RSI can remain overbought along with price rise. On the weekly charts ADX has crossed -DI line on the upside, which indicates rising bullish momentum in the Nifty. Positional trend of the Nifty is bullish and every dips should be utilized to go long in the Index.
* On a bigger time frame, Nifty has formed bullish inverted head and shoulder pattern, which projects healthy upside for the Nifty in the medium to long term. Next Targets for Nifty are seen at 19274 and 19962, which happens to be the 78.6% and 100% Fibonacci extension levels, if we consider major swings seen in last 6 months. As far as short term support is concerned, previous swing high placed at 18442 is an important level to watch out for.
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/cc796169e4f7c012914c95f4a8efe430.jpg)
Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing w...
![Weekly market outlook : The market is eagerly awaiting data on inflation and industrial production to provide further guidance Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/5f1fa5f12be5ac87ff9258ea3909f0f8.jpg)
![Nifty registers best week in 2 months after rising for 6 consecutive sessions](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/95f11bf3e1fc515ff0aed747520314dc.jpg)
![Market Quote : Benchmark Indices ended the week today just a few percentage away from record highs Says S Ranganathan, LKP securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/f33c3d1dad571464e55a94475ae32892.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/11/b07381b1a165179844f9ebffda8afde8.jpg)
Index is likely to open on a gap down note today and is likely to remain cautious during the...
![Morning Market Quote : Today the market will be completely dominated by the movements in Adani stocks Says Dr. V K Vijayakumar, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/01/959a0b29e06af8ef5770ff7cdc503a88.jpg)
![Nifty surprisingly opened with a massive cut of more than 200 points - Angel Broking](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/04/b319964c2bf75239c4d19bb6392f2086.jpg)
![Quote on the BSE market cap hitting the $4 trillion mark from Satish Menon, Executive Director of Geojit Financial Services](https://portfolio.investmentguruindia.com//uploads/news/Satish Menon Executive Director of Geojit Financial Services.jpg)