On Daily chart, we observe that Nifty has broken the recent support of 18194 - HDFC Securities
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Daily Technical View on Nifty
Market: Observation
* Carrying on from Tuesday, markets corrected further on Wednesday. A recovery from the lows helped to curb the losses. Nifty finally lost 104.75 points or 0.57% to close at 18,181.75. Broad market indices like the BSE Small Cap index ended higher, thereby out performing the Sensex/Nifty. Market breadth was negative on the BSE/NSE.
Nifty: Short term trend remains down
* Zooming into 15 min chart, we observe that Nifty gradually moved lower during the morning session to touch a low of 18115. A healthy recovery from the morning lows helped to curb the lossesfor the day.
* The short term trend nevertheless remains down. And further downsides are likely once the immediate support of 18115 is broken. Any pullback rallies could find resistance at 18309.
Nifty: Short term weakness is likely
* On Daily chart, we observe that Nifty has broken the recent support of 18194, thereby reversing the daily short term uptrend.
* The Nifty is likely to test the 20 day SMA at 18053 in the coming sessions. These levels also coincide with previous swing lows of the Nifty thereby making it a strong support level.
* Moreover, as the longer time frame indicates that the Nifty remains in an uptrend, we believe that the current fall could halt around the 18053 levels and the uptrend is likely to resume from the same levels.
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