Quote on Nifty : In the short term, there's a possibility that the index might decline towards the 19300 level Says Rupak De, LKP Securities
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Below View on Bank Nifty 11 August 2023 By Rupak De, Senior Technical Analyst at LKP Securities
Aside from the first hour, the Nifty remained predominantly rangebound, with the benchmark index slipping below 19500. However, it did not experience a significant correction as traders chose to stay on the sidelines due to the upcoming holidays. From a technical standpoint, the Nifty continues to exhibit a bearish trend as it remains below the 21-day Exponential Moving Average (21EMA). The Relative Strength Index (RSI) is also indicating a bearish crossover. In the short term, there's a possibility that the index might decline towards the 19300 level. On the upside, there's a resistance level situated at 19500.
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