Quote on Nifty : Indian equities have witnessed a smart recovery during the day Says Rupak De, LKP Securities
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Below View on Bank Nifty 3 January 2023 By Rupak De, Senior Technical Analyst at LKP Securities
Indian equities have witnessed a smart recovery during the day. On the daily chart, the index has given a consolidation breakout, suggesting a rise in optimism. On the higher end, it found resistance around the 14-day moving average. The short-term trend remains negative as the index has closed below the critical short-term moving average. The momentum oscillator RSI is in bullish crossover on the daily timeframe. On the higher end, the Nifty may move higher once it moves above 17650; on the higher end, resistance is visible at 17800. On the lower end, support is visible at 17470.
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