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Published on 22/07/2019 5:21:30 PM | Source: HDFC Securities Ltd

Technical note by Nagaraj Shetti, HDFC securities 22 July 2019

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Below is the Views On Technical Note by Nagaraj Shetti - Senior Technical & Derivative Analyst, HDFC securities

 

Downtrend continued in the market for the third consecutive session on Monday and the Nifty closed lower : HDFC securities    

The downtrend continued in the market for the third consecutive session on Monday and the Nifty closed lower. A small body negative candle was formed today with minor lower shadow. Technically, this pattern indicates continuation of downside momentum, but with decreased strength.    

We observe a typical lower tops and bottoms as per daily timeframe chart. The sharp decline in past was followed by a gradual upside bounce amidst a range movement. Hence, there is a possibility of upside bounce from the lows in the short term. Immediate supports to be watched at 11300 levels.

 

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

 

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