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Daily Technical View on Nifty

Placed at the edge of upside breakout..

Observation: The range bound movement with positive bias continued in Nifty on Tuesday and the market closed the day higher by 35 points amidst lackluster movement.

After opening with a negative note, Nifty witnessed upside recovery from the lows in the early part of the session. The upside movement with range bound action continued for the mid to later part and Nifty finally closed near the highs

A reasonable positive candle was formed on the daily chart, that placed beside the similar candle pattern of Monday.

After the downside breakout of important support of ascending trend line at 18100 on 23rd Dec, the market has failed to show any sharp follow-through selling action immediately and the said broken support area is now acting as a hurdle. Nifty is continuously tagging that hurdle in the last 3-4 sessions.

Conclusion: A sustainable move above 18300 levels could be considered as a false downside breakout of the support as per daily and weekly timeframe chart and that action is likely to have positive impact on the market ahead. Immediate support is at 18120 levels.

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