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Nifty Technical Analysis by Nagaraj Shetti

by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated:  15 April 2026, 9.00 PM

Technical Analysis of the Market by Nagaraj Shetti

Analysis for 16 April 2026

After witnessing a fine recovery from the lows on Monday, Nifty shifted into an excellent bounce back on Wednesday, amidst broad-based buying and closed the day higher by 388 points. After opening on an upside gap of 321 points, the markets moved up further and later shifted into a range bound action for better part of the session. The opening upside gap remains unfilled.

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After the formation of series of lower tops and bottoms on the daily chart in last month, Nifty seems to have formed a new higher bottom on Monday at 23555 levels. This market action indicates significant reversal of trend on the upside. The huge opening upside gap of 8th April remains partially filled after five sessions of its formation. This is positive indication.

The underlying short-term trend of Nifty continues to be positive. On the way up further, Nifty could find overhead hurdles around 24500 and 24800 levels in the near term. However, immediate support is placed at 24000-23900 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.