Quote on Nifty : Nifty recovered before closing around the day`s high as it formed a hammer pattern Says Rupak De, LKP Securities
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Below View on Bank Nifty 27 February 2023 By Rupak De, Senior Technical Analyst at LKP Securities
Nifty recovered before closing around the day's high as it formed a hammer pattern on the daily chart, suggesting a possibility of a bullish reversal. On the daily chart, it found support around the 200DMA. Going ahead, the index may witness a strong recovery as long as it closes above the 200-day moving average (17370). On the higher end, the index may recover towards 17600/17750 over the short term. However, a decisive fall below 17370 may open the gate towards 17150 and lower.
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