Quote on Nifty : The Nifty found support at the 200DMA Says Rupak De, LKP Securities
Below View on Bank Nifty 19 April 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The benchmark Nifty mostly remained range bound as the market participants remained confused about the direction. On the lower end, the Nifty found support at the 200DMA for the second time in the last three days, pointing towards the importance of the said support. A decisive fall below the 200DMA (17587) may trigger the panic button. In that case, Nifty might fall down towards the 17400 level, where the next level of support lies. The momentum indicator is indicating weakness with its bearish crossover on the daily timeframe. Therefore, the near-term trend looks negative, while the short term set up remains a buy on dips until the Nifty falls below 17400 decisively.
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