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Quote on Nifty : The support level to watch out for remains at 18300m Says Rupak De, LKP Securities
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Below View on Bank Nifty 15 May 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The Nifty index encountered resistance at a historical congestion area on the daily chart, indicating a potential hurdle for further upward movement. However, it managed to close above the support level of 18300, which is a positive sign. The heavy unwinding in the 18300CE along with decent addition in the 18300PE suggests that the support at 18300 is robust. The Relative Strength Index (RSI) is showing a bullish crossover, indicating increasing buying momentum. In the short term, the index is expected to move towards 18500 and potentially higher. The support level to watch out for remains at 18300.
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