The range bound action with positive bias continued in the market on Monday - 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
Continuation of range movement..
Market: Observation
The range bound action with positive bias continued in the market on Monday and Nifty closed the day lower by 03 points. After opening with a flat to positive note, the market slipped into minor weakness in the early part of the session. It later moved into a narrow range and showed minor upside recovery towardsthe end.
A small body candle was formed on the daily chart with minor lower shadow. Technically, this market action looks like a doji type candle formation (not a classical one). But, having formed this pattern beside long bull candle of Friday signal sideways range movement in the market.
The minor degree bullish pattern like higher highs and higher lows is visible on the daily chart. Having showed a minor dip at 24168 levels on Friday, the chances of further upmove towards new higher high is likely in the near term.
Conclusion: The short term trend of Nifty continues to be positive. There is a possibility of continuation of this range movement for the next 1 or 2 sessions before witnessing further upmove above 24400 levels. A sustainable move above the key hurdle of 24400 levels could open sharp upmove for the market ahead.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
![](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)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
Daily Market Analysis : Markets remained volatile on the monthly expiry day and ended nearly...
![Market Quote : Global indices also reacted pessimistically due to the disappointing results from top US tech companies says Vinod Nair, Head of Research, Geojit Financial Services](https://portfolio.investmentguruindia.com/uploads/news/Broker_88.jpg)
![Sensex, Nifty close flat after volatile trading session](https://portfolio.investmentguruindia.com/uploads/news/ITstock.jpg)
![Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
Daily Market Analysis : Markets continued to edge higher and gained nearly half a percent on...
![The market is expected to open on flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd](https://portfolio.investmentguruindia.com/uploads/news/Nirmal bang.jpg)
![The index started the truncated week on a negative note and drifted towards 200 days EMA - ICICI Direct](https://portfolio.investmentguruindia.com//uploads/news/icici direct.jpg)
![Nifty has an immediate resistance placed at 24670 and on a decisive close above expect a rise to 24770-24840 levels - Nirmal Bang Ltd](https://portfolio.investmentguruindia.com/uploads/news/Nirmal bang.jpg)