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Below View on Nifty 04 January 2023 By Rupak De, Senior Technical Analyst at LKP Securities

Bears remained at the helm, taking the benchmark Nifty about 190 points lower from the previous closing. On the 4-hourly chart, the index has given an upward consolidation breakdown; besides, the shorter moving average (21 EMA) finished the day lower than the longer moving average (50 EMA), confirming the bearish scenario. With the momentum indicator RSI (14) remaining in a bearish crossover, the trend and momentum of the price suggest a rise in bearish bets in the market. Further declines are possible in the future that may bring the index down to 17,950. Again, below 17,950, the index may slip to 17,800 and lower. On the higher end, 18,155–18,200 may act as immediate resistance, above which the bulls may gain strength.

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