Quote on Nifty : The sentiment looks very weak, with the RSI in a bearish crossover Says Rupak De, LKP Securities
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Below View on Nifty 25 January 2023 By Rupak De, Senior Technical Analyst at LKP Securities
Bears remained at the helm as the benchmark index Nifty shed more than 200 points on Wednesday. On the daily timeframe, the index remained below the 50-day exponential moving average. Besides, the index remained below the 50-day exponential moving average, which confirms the bearish trend. On the lower end, however, the correction was limited to the upper band of the falling wedge pattern on the daily chart. The sentiment looks very weak, with the RSI in a bearish crossover. However, a further correction may occur if the price falls below 17,840. On the higher end, resistance is placed at 18000.
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