Quote on Nifty : The Nifty index`s break above the consolidation range of 19300-19500 Says Rupak De, LKP Securities
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Below View on Bank Nifty 12 July 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The Nifty index's break above the consolidation range of 19300-19500 suggests increasing optimism in the market. The resistance at 19500, which was heavily built by Call writers, has been surpassed on a closing basis. This breakthrough is expected to lead to a significant rally as the Call writers unwind their positions. The bullish crossover on the momentum indicator RSI reinforces the upward momentum. The Nifty may potentially reach levels around 19700-19720, but it's important to consider the short-term support at 19300.
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