Quote on Nifty : Nifty bounced back from the lowest point of the day Says Rupak De, LKP Securities
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Below Quote on Nifty 16 August 2023 By Rupak De, Senior Technical Analyst at LKP Securities
"Nifty bounced back from the lowest point of the day. Nevertheless, the short-term outlook remains feeble, given that the index concluded the session below the vital short-term moving average (21EMA). The Relative Strength Index (RSI) shows a bearish crossover, further amplifying the pessimistic sentiment. The prevailing trend will continue to lack strength as long as it maintains levels below 19521, where the 21EMA is situated. Looking downward, the initial support level is positioned at 19250."
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