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Daily Technical View on Nifty

Market: Observation

* Markets ended lower on Tuesday with marginal losses. The Nifty traded within a 180 point range during the session and finally lost 10.2 points or 0.06% to close at 17,655.6. Broad market indices like the BSE Mid Cap and Small Cap indices ended higher, thereby out performing the Sensex/Nifty. Market breadth was negative on the BSE/NSE.

Nifty: Short term trend is now down

* Zooming into 15 minute chart, we see Nifty opened higher, but then came down and traded in a range. Selling pressure towards the closing led to the Nifty endingmarginally in the red.

* In the process, the Nifty has broken its intra day supports and closed below the 20 period MA on the 15 min chart, indicating a weak bias for the very near term. Further downsides are likely once the immediate support of 17587 is broken

Nifty:Daily chart shows index couldconsolidate

* On Daily chart, we observe that Nifty is now consolidating in a range just below the downward sloping trend line that has held down the highs of 2021 and 2022.

* Further weakness is likely once the immediate support of 17468 is broken on the Nifty. In this scenario, the Nifty could then move down further towards the next support of 17345. Immediate resistances to watch are at 17765- 17778.

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