Friday, October 23
Nifty formed a small positive candle on the daily chart on Tuesday with a gap-up opening and a long upper shadow. Technically, this indicates an upside bounce in the market with a lack of strength to sustain the highs.The negative chart pattern like lower tops and bottoms is intact on the daily chart and the current upside bounce could possibly open another lower top formation in the short term. On further upside, Nifty could encounter a strong hurdle at the recent down gap of January 13 around 23,350 levels. The near-term trend of Nifty remains weak and we expect this upside bounce could be a sell-on-rise opportunity around 23,350 levels. Immediate support is at 23,050 levels, said Nagaraj Shetti of HDFC Securities.According to the open interest (OI) data, the highest OI on the call side
