The market is sustaining above the immediate support of 17600 levels - HDFC Securities
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/04/d5ff6fa9cd703afb8b0d814a61770153.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Daily Technical View on Nifty
Observation: After showing a sharp weakness on Monday, Nifty continued with follow-through decline with range bound action on Tuesday and closed the day lower by 46 points. A long bear candle was formed on the daily chart with minor lower shadow. Technically we observe overlapping negative candles at the hurdle and the market is sustaining above the immediate support of 17600 levels. Formation of such overlapping candles and lower shadows indicate intent of bulls to make a comeback in the market.
Nifty is currently sustaining at the support of previous upside broken trend line hurdle around 17600 levels, as per the concept of change in polarity. This support is visible in Nifty as per daily and weekly timeframe charts. Bank Nifty on the daily chart formed a small negative candle with upper and lower shadow on Tuesday. The overall chart pattern of BN indicates a consolidation at the highs. However, sharp reversal/weakness is missing in both the indices at the highs.
Conclusion: The short term trend of Nifty remains choppy and the near term uptrend status is intact. There is a possibility of some more consolidation for the next 1 or 2 sessions before resuming its upside momentum again from the lows. Immediate support is around 17600-17500 levels
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/kotak securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/TechMahindra23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/powersector25.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/fsdkfjeljweoir.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/nirmalasitharaman230717.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Real estate sector_9477.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/global29.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar 30.jpg)
Top News
![](https://portfolio.investmentguruindia.com/uploads/news/Vivek Singh.jpg)
Government initiatives played vital role in creating jobs for people in private sector: Econ...
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/cc796169e4f7c012914c95f4a8efe430.jpg)
Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing w...
![Weekly market outlook : The market is eagerly awaiting data on inflation and industrial production to provide further guidance Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/5f1fa5f12be5ac87ff9258ea3909f0f8.jpg)
![Nifty registers best week in 2 months after rising for 6 consecutive sessions](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/95f11bf3e1fc515ff0aed747520314dc.jpg)
![Market Quote : Benchmark Indices ended the week today just a few percentage away from record highs Says S Ranganathan, LKP securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/f33c3d1dad571464e55a94475ae32892.jpg)