Quote on Nifty : The Nifty remained volatile before closing flat for the week Says Rupak De, LKP Securities
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Below View on Bank Nifty 05 May 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The bears returned to the market, as the benchmark Nifty ended the last day of the week with a loss of 1%. Over the week, the Nifty remained volatile before closing flat for the week. A profit booking around 18200 led to Friday's fall, which took Nifty back to the previous week's close. The short-term trend will, however, remain positive as long as the index remains above 18000. A fall below 18000 may take the Nifty into the consolidation zone of 17500–18000. On the other hand, a rejection from the 18000 level may reintroduce a buying spree, which may take the Nifty back to above 18200; again, a decisive move above 18200 may take it towards 18500–19000.
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