IGI Logo

Below View on Bank Nifty 30 June 2023 By Rupak De, Senior Technical Analyst at LKP Securities

The bulls continued to dominate the market as the Nifty, reached a new all-time high. This surge in the Nifty followed a breakout from a period of consolidation, indicating strong bullish reversal. The overall trend appears positive in the near term as the index has consistently remained above its moving average. Furthermore, the momentum indicator RSI has shown a bullish crossover on the daily timeframe, suggesting strong momentum. Looking ahead, there is potential for the index to move towards 19450 in the short term, indicating further upward movement. However, on the downside, there is support at 19000. Overall, the market is currently exhibiting bullish characteristics, with the Nifty reaching new highs as long as it sustains above 19000.

Above views are of the author and not of the website kindly read disclaimer