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Below View on Bank Nifty 8 February 2023 By Rupak De, Senior Technical Analyst at LKP Securities

Nifty has remained volatile as the RBI governor came up with a rate hike and forward guidance. Technically, Nifty moved above the resistance level of 17800 after the commentary by the RBI governor. On the daily chart, a green candle has formed after two candles of consolidation. Furthermore, the Nifty rose above both the short-term and near-term moving averages. The RSI momentum oscillator has entered a bullish crossover and is rising.

On a larger scale, we can see that the index has been hovering within a falling channel, with the index moving towards the upper band of the said channel. Over the near term, the trend may remain positive, with the potential to reach towards 18000; again, a decisive breakout above the 18000 level may induce a rally towards 18350-18400. On the lower end, support is visible at 17650.

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