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Quote on Nifty Tech and Nifty Bank: The index has found support at the falling trend line Says Rupak De, LKP Securities
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Quote on Nifty Tech and Nifty Bank 18 August 2022 By Rupak De, Senior Technical Analyst at LKP Securities.
Nifty:
"The Nifty has fallen lower as the Indian equities failed to absorb the selling pressure around the 18000 mark. Besides, the index has formed a bearish engulfing pattern on the daily chart. The index has found support at the falling trend line. In the near term, the trend is likely to remain sideways to negative. However, a fall below 17700 may trigger a serious correction in the market. Support on the lower end is visible at 17500/17400. On the higher end, resistance is visible at 17900-18000."
Nifty Bank:
"The Nifty Bank has formed a bearish engulfing pattern around the resistance zone on the daily chart. Besides, a fall from the consolidation range is also visible in the daily timeframe. However, the index has found support at the previous swing high on the daily chart. The trend is likely to remain sideways to negative in the near term. A fall below 38800 may trigger a serious correction in the banking space, support on the lower end is visible at 38800/38300. On the higher end, resistance is visible at 39500."
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