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
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer