Quote on Nifty : Nifty recovered before closing around the day`s high as it formed a hammer pattern Says Rupak De, LKP Securities
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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