Nifty Bounce Lacks Strength, Amid Weak Trend
By HDFC SKY | Updated at: Mar 20, 2026 05:47 PM IST
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After a massive decline and faster downside retracement on Thursday, Nifty witnessed bounce back amidst volatility on Friday and closed the day higher by 112 points. After opening on a positive note, Nifty moved up further in the early part of the session. It was not able to sustain above the hurdle of 23350 levels and slipped in to weakness from the highs in the mid to later part of the session.
A small thin candle was formed on the daily chart with long upper shadow. Technically, this signals a formation of doji type candle pattern. This market action indicates lack of strength in the upside bounce. Bearish pattern like lower tops and bottoms is intact on the daily chart and the Nifty is on the way down to form a new lower bottom of the pattern.
The near term trend of Nifty remains weak and present bounce back could be a sell on rise opportunity. A weakness below 22900 could open next downside target of 22500 in the near term. However, immediate resistance is placed at 23380.
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