Nifty continued to move up range bound action on Wednesday and closed the day higher by 111 points - HDFC Securities
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.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
No signs of any reversal at the highs..
Observation: After showing weakness from the highs on Tuesday, Nifty continued to move up range bound action on Wednesday and closed the day higher by 111 points. After opening with a positive note, the market shifted into a narrow range for better part of the session. New all-time high was registered at 22775 and Nifty closed near the highs. A small positive candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a formation of high wave type candle pattern. But, having formed this pattern amidst sideways range, the predictive value of this pattern could be less.
Conclusion: Nifty is currently placed at the hurdle of around 22800 levels (ascending resistance trend line and 1.618% Fibonacci extension). Though, Nifty placed near the hurdle, still there is no sign of any reversal forming at the highs. Immediate support is at 22615 levels. A decisive move above 22800 levels is expected to open further upside momentum for the market ahead.
Nifty – Hourly Timeframe chart
Nifty – Daily Timeframe chart
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
![](https://portfolio.investmentguruindia.com/uploads/news/Ashish Khandelia - Founder at Certus Capital & Earnnest.me.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/soyabean.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Gold 1.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_2.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ravi Kaushik, Flourish venture.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shrikant Chouhan.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/202407243192420.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nikunj Agarwal.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/startup.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_2.jpg)
Daily Market Commentary : Nifty witnessed a post-budget impact and traded in negative territ...