Nifty index has witnessed a fall of almost 11% from the all-time high of 18887 - HDFC Securities
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Daily Technical View on Nifty
* Nifty snapped a two day rise on March 20 and closed in the negative, though after witnessing a sharp rebound from the afternoon lows.
* Broad market indices fell more than the Nifty reflecting higher panic among non-institutional players.
* Nifty has formed a bullish hammer on daily charts after forming two “doji” candlesticks, hinting at possibility of an upward reversal.
* As any bear market could have pullback rally, we can expect the same from Indian indices too.
* Nifty index has witnessed a fall of almost 11% from the all-time high of 18887 registered in Dec 2022.
* Indices have been forming lower top and lower bottom formation on the charts, which indicates bearish trend on longer time frame.
* However, we cannot rule out the possibility of pullback in the short term.
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