Below is the Views On Technical note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Nifty witnessed a historical one session upside movement today, expect next upside targets of 11,600 for the next 1-2 weeks
After showing weakness in the last few sessions, the Nifty witnessed a historical one session upside movement today, mainly after the Union Finance Ministers media address on the reforms, and closed the day on a record high of 569 points. An exceptional long bull candle was formed today, that has engulfed up the range of the last 4 weeks in a single day. The key overhead resistance of 11,150-180 has been broken on the upside and the Nifty closed above it.
We observe an upside breakout as per weekly timeframe chart, after the consolidation movement of the last one month. The near term trend of the Nifty seems to have reversed up sharply and more upside could be in store in the coming weeks. Having reached the swing high of 11,381 in today's session, one may expect next upside targets of 11,600 for the next 1-2 weeks.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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