Below is the Views On Daily Markets Note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
After showing a consistent weakness in the last six sessions, the Nifty witnessed a sharp upside bounce today and closed the day on a hefty gains. A long bull candle was formed today from near the crucial support of 11,100-11050 levels, which is a previous upside breakout point of larger consolidation, as per the concept of change in polarity.
The Nifty showing sharp upmove today could be a relief factor for bulls to make a comeback as per short term basis. The near term trend of Nifty remains negative, there is a possibility of sell on rise opportunity around 11,400-500 levels.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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