Quote on Nifty : The momentum oscillator RSI is about to enter a bearish crossover on the daily chart Says Rupak De, LKP Securities
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Below View on Bank Nifty 13 February 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The Nifty has formed a bearish engulfing pattern on the daily chart as sellers outnumbered buyers during the session. On the daily chart, the index found resistance around the upper band of the falling channel, resulting in a fall towards 17700. The momentum oscillator RSI is about to enter a bearish crossover on the daily chart. The trend looks sideways to negative for the near term as the headline index failed to provide an upside breakout. On the lower end, crucial support is visible at 17650, below which Nifty may witness a significant correction.
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