Zooming into 15 minute chart, we see Nifty opened on a shaky note, but soon recovered - HDFC Securities
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/08/0633d98445ae86d153bdb1c4d815aae8.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
Market: Observation
* Markets ended marginally higher on Wednesday after recovering from the lows. The Nifty finally gained 9.65 points or 0.06% to close at 17,534.75. Broad market indices like the BSE Mid Cap and Small Cap indices lost more, thereby under performing the Sensex/Nifty. Market breadth was negative on the BSE/NSE.
Nifty: Short term uptrend still intact
* Zooming into 15 minute chart, we see Nifty opened on a shaky note, but soon recovered and traded in a range forthe rest ofthe session.
* While the short term uptrend remains intact, it is now matured as the 20 period and 50 period MA on the 15 min chart have flattened.
* The current short term uptrend would reverse with a move below 17348. Downside targets in thisscenario are at 17161-17061.
Nifty:Daily chart shows index couldrise further
* On Daily chart, we can observe that Nifty has broken out of a 5-day range on Monday. Technical indicators too are giving positive signals as the 20 day SMA is above the 50 day SMA and both these MAs are rising.
* We therefore feel that the uptrend is likely to continue. The index is however approaching a strong downward sloping trend line around the 17850 levels which could act as a resistance and halt the current uptrend, at least temporarily. Immediate supports to watch for weakness are at 17348-17215.
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/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/95f11bf3e1fc515ff0aed747520314dc.jpg)
Nifty registers best week in 2 months after rising for 6 consecutive sessions
![Midcap index rose more than the Nifty while Smallcap index rose less even as the advance decline ratio was up at 1.49:1 - HDFC Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/75edce1399be6eb60b35089fc7edd6e2.jpg)
![USDINR Sept fut. facing resistance at 82.90, the horizontal line showing multiple tops - HDFC Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/8d7e61aba9d23e598971d1fc095f2985.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/11/b9328d89b6c81b5db0ddcd29354c3bb1.jpg)
Global market jitters are felt in Indian bourses as the selling pressure from FII continued ...
![Benchmarks end higher on Thursday; Nifty tops 17,650 mark](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/08/d2997fc851cfff8f8e6a8ea38527d483.jpg)
![Market Quote : Stocks are getting beaten ahead of the release of Fed minutes Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/02/e621498cc472c1a845d1c9c2d5e3c4ea.jpg)
![Daily Market Commentary : Nifty snapped a 4-day winning streak on account of profit booking Says Mr. Siddhartha Khemka, Motilal Oswal](https://portfolio.investmentguruindia.com/uploads/news/Broker _19.jpg)