Tech View: On the daily chart, Nifty finished Tuesday’s session flat and created a modest bearish candle with a slight lower shadow.
This pattern suggests a weak bias and erratic market behaviour. According to HDFC Securities’ Nagaraj Shetti, Nifty is currently exhibiting indications of slowing down its downward momentum and is currently trading near the 10-day EMA’s support level of 19,650.
The daily timeframe chart shows that the positive pattern of higher tops and bottoms is still present, and the market is currently aligned with the new, higher bottom formation—which still needs confirmation.