Technical View - April 13, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Posted On:
2021-04-13 04:13:55
(Time Zone: Arizona, USA)
After showing a violent decline on Monday, Nifty witnessed an excellent upside bounce on Tuesday and closed the day higher by 194 points. After opening on a positive note, Nifty showed minor volatile movement within range bound action till the mid part of the session. A sustainable buying has emerged in the afternoon and Nifty moved up sharply towards the end and closed near the highs.
A long bull candle was formed with minor lower shadow. Technically, this pattern indicate a counter attack of bulls from the lows and this could open up more upside bounce in the short term. The sustainable upside bounce of Tuesday has also raised hopes for bulls to show another meaningful upmove from the important lower support and also lower range of around 14300 levels (previous opening upside gap of 2nd Feb and previous swing lows). Previously, the market witnessed sustainable upside bounces from near this support towards the highs of 14900 levels.