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Daily Technical View on Nifty

Lack of strength to surpass 19500 levels..

Observation: After showing a sustainable upmove with volatility on Tuesday, Nifty continued with choppy movement on Wednesday and slipped into decline by 55 points.

Nifty opened with a positive note, started to show weakness from the day's high in the early part of the session.

Minor intraday upside recoveries in between have been used as sell on rise opportunity and Nifty closed near the lows.

A long negative candle was formed on the daily chart, which is indicating a lack of strength in the market to surpass the crucial overhead resistance of 19500.

The Nifty remained in a broader high low range of 19500-19300 levels as of now.

As per its range movement, the market is placed at the immediate support of 19300 levels.

Positive chart pattern like higher tops and bottoms is intact as per daily timeframe chart and present weakness could be in line with new higher bottom formation at the highs.

Conclusion : The underlying trend of Nifty remains choppy. On a move below 19300, the market is likely to find another important support around 19100- 19000 levels. Fresh buying could only emerge on a decisive move above 19500 levels

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