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    Technical Analysis of Nifty & Bank Nifty
    March 22, 2023 admin 6 comment [ssba] Post Comment

    technical analysis of nifty & bank niftyTechnical Analysis of Nifty & Bank Nifty for March 23, 2023 

    Analysis by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    After showing a sustainable upmove with range bound action on Tuesday, Nifty failed to regain upside momentum on Wednesday and closed the day higher by 35 points amidst range movement. After opening with a positive note, the market failed to sustain the morning gains and started to show intraday weakness from the highs with range bound movement. The narrow range movement continued in the mid to later part of the session and Nifty closed the day off the highs.

    A small negative candle was formed on the daily chart with upper and lower shadow. Technically, this market action indicates a formation of high wave type candle pattern. Normally, such patterns after a reasonable upmove signal reversal of the upside, post confirmation. Nifty is still placed at the crucial hurdle of 17200 levels, not showing any attempt of upside breakout of the resistance.

    Conclusion: The short term trend of Nifty remains positive. But, the market is not gaining momentum through the hurdle. Unless the immediate resistance of 17200 is taken out decisively on the upside, the chances of sharp upmove could be less. The market is also waiting for the cues from Fed outcome in US on Wednesday. Immediate support is at 17020 levels.

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    6 Comments on “Technical Analysis of Nifty & Bank Nifty”

    1. Altaf Bhatti December 28, 2021 at 8:36 am

      Sir

      CE INFO SYSTAM SELL OUR HOLD PLAESE SUGGEST

      Reply ↓
    2. Ramesh Kumar December 14, 2021 at 5:18 pm

      Sir Mangalore chemical and fertilizer share buy 700 share rs 86.61 please suggest hold ya sell

      Reply ↓
      1. admin Post authorDecember 16, 2021 at 3:29 pm

        All question related to secondary market in Q&A section. We cannot give any such answer on IPO pages

        Reply ↓
    3. hiten pandya November 11, 2021 at 11:07 am

      same doubt here also
      if admin can answer.
      holding cartrade and irfc

      Reply ↓
    4. Navin bhai chaudhary October 13, 2021 at 12:34 pm

      Which of these three is better for the short term?
      Cartrade, nuvoco, IRFC

      Reply ↓
    5. Bhavesh July 6, 2021 at 1:33 pm

      What’s your view on supreme petrochem

      Reply ↓

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