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Nifty Technical Analysis by Nagaraj Shetti

by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated:  2 April 2026, 6.00 PM

Technical Analysis of the Market by Nagaraj Shetti

Analysis for 6 April 2026

After showing weakness from the highs on Wednesday, Nifty shifted into a roller-coaster ride of sharp up and down trended moves on Thursday and closed the day higher with sharp recovery note. After opening on a downside gap of 300 points, the market slipped into further weakness and formed a new swing low at 22182 levels in the early part of the session. Massive recovery has emerged from the day’s low and Nifty finally closed higher amidst volatility towards the end. The opening downside gap has been filled completely.

A long green candle was formed on the daily chart after opening lower. Technically, this market action indicates a formation of bullish counter attack type candle pattern at the lows. The bearish chart pattern like lower tops and bottoms continued on the daily chart and Thursday’s low of 22182 could now be considered as a new lower bottom of the pattern.

The buying seems to have started from near the support of 22200 levels and Nifty needs to sustain above the hurdle of 23000 levels to consider this as a bottom reversal pattern. Immediate support is placed at 22400 levels.

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Stock recommendations by Nagaraj Shetti

Who is Nagaraj Shetti?

Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.