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Below View on Nifty 30 December 2022 By Rupak De, Senior Technical Analyst at LKP Securities

"The benchmark Nifty recovered smartly during the week, pairing more than 50% of the previous week's loss. The index has formed a bullish harami pattern on the weekly chart, suggesting a bullish reversal. Besides, the index has closed above its 50-week exponential moving average. The momentum indicator RSI (14) on the weekly chart is in a bearish crossover. The 50 EMA and 200 DMA are in the bullish crossover. The trend for the short term is likely to remain bullish as long as it remains above 17,800 on a closing basis. On the higher end, resistance is visible at 18,350. A decisive move above 18,350 may induce a further rally towards 18,600/19,000. On the other hand, a decisive fall below 17,800 may weaken the trend."

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