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Nifty Technical Analysis by Nagaraj Shetti

by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated:  18 March 2026, 8.00 PM

Technical Analysis of the Market by Nagaraj Shetti

Analysis for 19 March 2026

The sharp bounce back continued for the third consecutive sessions on Wednesday and Nifty closed the day higher by 196 points. After opening on a positive note, the market surged higher in the early to mid-part of the session. Minor consolidation was observed at the highs towards the end and Nifty manages to close near the highs. The opening upside gap remains unfilled.

A reasonable long candle was formed on the daily chart with minor upper shadow. Technically, the upside bounce of the last three sessions confirms a short-term bottom reversal pattern at the recent swing low of 22955-16th March. This is positive indication.

After the formation of bearish lower tops and bottoms on the daily chart over the last one month, Nifty witnessing sharp bounce back from the lows that signals chances of higher bottom formation during any short-term consolidation or dip. Further sustainable up move from here could open the next upside target of around 24000-24200 levels in the near term. Immediate support is placed at 23550.

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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.