Quote on Nifty : As long as the index remains above this level, the overall trend is expected to remain positive Says Rupak De, LKP Securities
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Below View on Bank Nifty 12 May 2023 By Rupak De, Senior Technical Analyst at LKP Securities
"On Friday, the Nifty index began the trading session with a weak note and experienced volatility throughout the day. However, an important technical indicator, the Relative Strength Index (RSI), showed a bullish crossover, indicating potential upward momentum in the market.
Closing above the significant level of 18200, the Nifty sustained its position, which is considered a positive sign for the market. As long as the index remains above this level, the overall trend is expected to remain positive.
Looking ahead, it is important to keep an eye on the resistance level at 18400. If the Nifty manages to surpass this level, it could further reinforce the positive trend. However, if the index falls below the support at 18200, it may signal a potential weakness in sentiment and raise concerns about the ongoing bullish outlook"
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