Markets corrected further on Wednesday after gap down opening - HDFC Securities
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Daily Technical View on Nifty
Market: Observation
Markets corrected further on Wednesday after gap down opening. Nifty lost 183.45 points or 0.8%to close at 22,704.7.Broad market indices like BSE Small Capgained, thereby outper forming Sensex/Nifty. Market breadth was negative on BSE/NSE.
Nifty: Caution warranted for very near term
On the15min chart,we can observethat Niftyopened with a down gap and after abrief pullback, gradually came lower and end ednear lows of theday.Wealso observe that 20 period MA remains below the 50 period MA indicating the negative moving average cross over is intact. This indicates that one needs to becautious for the very near termuntil theNifty can take out the immediate resistances of 22826-22999.
Nifty: Uptrend has weakened
On theDailychart,uptrend has weakened.Wednesday’s negative closing has led to the Nifty closing below the previous swing high of 22795. Nifty nevertheless continues to hold above the 20 and 50daySMA. 14-day RSIat56.57 is falling and has now moved below its 9 day EMA.This indicates that momentumis weakening. Further downsides are now likely once the immediate support of 22685 is broken. Immediate resistanceis now at22826.Markets are likely to be volatile in the coming sessions as we approach the Election result announcement. Sectorally, except for the Media and Pharma indices, most of the sectoral indicesare now correcting.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
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