Quote on Nifty : The sentiment is likely to remain weak as long as the Nifty remains below 19,566 Says Rupak De, LKP Securities
Below View on Bank Nifty 04 August 2023 By Rupak De, Senior Technical Analyst at LKP Securities
Nifty fell sharply following the downgrading of the US credit rating from AAA to AA+, leading to a breakdown from the recent consolidation on the daily timeframe. The recent fall has pulled the index below the 21-day exponential moving average (EMA) for the first time since March 29. On an immediate basis, 19,300 has acted as support. However, on the higher end, 19,566 is likely to act as a crucial resistance level. The sentiment is likely to remain weak as long as the Nifty remains below 19,566. However, a decisive move above 19,566 could take the index towards 19,700-19,750. On the other hand, a failure to move above 19,566 could trigger selling pressure.
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