Quote on Nifty : Nifty formed a hammer-like pattern on the daily chart Says Rupak De, LKP Securities
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/03/d2c65c95b5a8dc632fe1bb327e459497.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below View on Nifty 20 March 2023 By Rupak De, Senior Technical Analyst at LKP Securities
Nifty formed a hammer-like pattern on the daily chart, suggesting a reversal in the prevailing trend. On the daily chart, it fell below 16950 only to close a bit higher. The momentum indicator remained in a bearish crossover with a reading below 40. On the hourly chart, the index has moved higher following a consolidation. The RSI on the smaller timeframe has entered a bullish crossover. On the higher end, the index may move up towards 17250. On the lower end, closing basis support remains intact at 16950.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Bharat Electronics Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar Rupee 100.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Vedanta 23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/AviationAircraft.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Economy 12345.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ricecommodity.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Electronic industry.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Stock bull.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/HyundaiEV.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/cc796169e4f7c012914c95f4a8efe430.jpg)
Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing w...
![Weekly market outlook : The market is eagerly awaiting data on inflation and industrial production to provide further guidance Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/5f1fa5f12be5ac87ff9258ea3909f0f8.jpg)
![Nifty registers best week in 2 months after rising for 6 consecutive sessions](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/95f11bf3e1fc515ff0aed747520314dc.jpg)
![Market Quote : Benchmark Indices ended the week today just a few percentage away from record highs Says S Ranganathan, LKP securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/f33c3d1dad571464e55a94475ae32892.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/07/ee6ff8e3cceb9c299657b9ccc54b93d6.jpg)
Morning Market Quote : The market direction will be set by the US market move today Says Dr....
![Weekly Market Analysis : Markets rebounded after two weeks of profit-taking and gained over a percent Says Mr. Ajit Mishra, Religare Broking](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![View on Nifty 22 June 2022 By Rupak De, LKP Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/06/75a6935492e157e559b489566d555b68.jpg)
![Daily Market Analysis : The broader indices also edged higher and gained in the range of 0.9%-1.3% Say`s Ajit Mishra, Religare Broking Ltd](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)