Quote on Nifty : A decisive move above 19500 might lead the writers to unwind their positions Says Rupak De, LKP Securities
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Below View on Bank Nifty 12 July 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The daily chart has formed a bearish engulfing pattern, indicating a potential reversal in the market. Despite this bearish signal, the overall trend remains positive as long as the price stays above the support level at 19300. It is a level (19300) where Put writers have maintained a heavy positions, meaning that if the price drops below this level, it could indicate further downward movement. Below 19300 Nifty may fall down towards 19000-18900. On the upside, there is resistance at 19500, suggesting that the price may struggle to move beyond this level. A decisive move above 19500 might lead the writers to unwind their positions.
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