Quote on Nifty: Resistance on the higher end is visible at 18000 - 18100. Says Rupak De, LKP Securities
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Below View on Nifty 23 December 2022 By Rupak De, Senior Technical Analyst at LKP Securities
Nifty:
The Indian equity market witnessed a bloodbath on Friday as the benchmark index ended below the psychological level of 18,000. Besides, the index has slipped below the 200DEMA (double exponential moving average). The daily momentum indicator is in a bearish crossover and falling. The sentiment has turned extremely bearish; a further decline is expected from here, with a potential near-term reach of 17550. Resistance on the higher end is visible at 18000–18100.
Bank Nifty:
Bank Nifty witnessed heavy correction during the day as it slipped below the 50EMA, confirming a bearish trend reversal. The momentum indicator is in bearish crossover and falling. The sentiment has turned extremely bearish; a further decline is expected from here, with a potential near-term reach of 41000. Resistance on the higher end is visible at 42000.
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