Quote on Nifty : The index has fallen below recent consolidation on the daily chart Says Rupak De, LKP Securities
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Below View on Nifty 25 January 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The index has fallen below recent consolidation on the daily chart, leading to a big sell off from the foreign institutions. However, the 50-week exponential moving average, located at 17400, is likely to provide immediate support. A further correction may be seen if the index falls below 17400. On the other hand, resistance is visible at 17850. As long as the Nifty remains below 17850, traders may favour a sell on rise strategy.
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