Quote on Nifty : On the upside, resistance is observed at 18300 and 18500 Says Rupak De, LKP Securities
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Below View on Nifty 16 May 2023 By Rupak De, Senior Technical Analyst at LKP Securities
TThe Nifty index experienced a decline as selling pressure emerged around a historical congestion level on the daily timeframe. Furthermore, a bearish engulfing pattern has formed, indicating a potential reversal in the market. The Relative Strength Index (RSI) has also entered a bearish crossover, suggesting a shift towards bearish sentiment. Over the short term, it is expected that the Nifty will continue to exhibit weakness and could potentially drift towards the support level of 18200. A decisive drop below this support level may trigger additional selling pressure in the market. On the upside, resistance is observed at 18300 and 18500.
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