Quote on Nifty : Nifty formed a hammer-like pattern on the daily chart Says Rupak De, LKP Securities
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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.
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