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Published on 17/09/2019 5:26:30 PM | Source: HDFC Securities Ltd

Daily Market Quote by Mr. Nagaraj Shetti, HDFC securities 17 September 2019

Posted in Market Outlook| #Market Outlook #HDFC Securities

 

Below is the Views On Technical note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities

 

The Nifty witnessed a sharp decline today and closed the day sharply lower, next lower levels to be watched at 10,700 levels: HDFC securities    

After showing a consolidation type pattern in the last session, the Nifty witnessed a sharp decline today and closed the day sharply lower. A long body of negative candle was formed today, which indicates a sharp downward reversal in the market from near the lower highs 11084. The high low range of today's negative candle is around 203 points, which signals a strong participation of bears. This is negative indication and signals more weakness.    

The Nifty showing a sharp weakness today, indicates a reversal of a recent upside bounce. The key overhead resistance of 11,100 has acted as a strong resistance for the fourth occasions and resulted in a sharp decline. As per its previous reversal from the highs, one may expect further weakness in the next 1-2 sessions. The next lower levels to be watched at 10,700 levels.

 

HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475

 

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