Quote on Nifty : The Nifty index has traded within a range of 18270 and 18389 Says Rupak De, LKP Securities
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Below View on Bank Nifty 11 May 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The Nifty index has traded within a range of 18270 and 18389. During the day, it formed a bearish engulfing pattern, which typically indicates a potential reversal in the market trend.
Adding to the bearish sentiment, the RSI has entered a bearish crossover. In terms of key levels, support is seen at 18200, which may act as a initial level of protection. On the other hand, resistance is seen at 18400, indicating a level where selling pressure might increase.
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