Quote on Nifty : Nifty formed a hammer pattern on the daily chart, indicating a potential trend reversal Says Rupak De, LKP Securities
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Below View on Nifty 19 May 2023 By Rupak De, Senior Technical Analyst at LKP Securities
Nifty formed a hammer pattern on the daily chart, indicating a potential trend reversal. It found support at the 21EMA, resulting in a smart recovery from the day's low. Positive divergence was observed on the hourly RSI, suggesting a possible shift in momentum. Resistance on the higher end, is seen at 18300, while support is placed at 18050.
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