View on Nifty : Nifty has given a falling trend line breakout on the daily chart suggesting a rise in optimism Says Rupak De, LKP Securities
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View on Nifty 16 August 2022 By Rupak De, Senior Technical Analyst at LKP Securities
"Nifty has given a falling trend line breakout on the daily chart suggesting a rise in optimism. The momentum oscillator RSI is in the overbought zone; however, no bearish crossover is visible in the indicator. The trend is likely to remain positive as long as it remains above the falling trendline. The profit booking in the market may come once Nifty falls below the trend line. Support on the lower end is visible at 17700. On the higher end, resistance is seen at 18000."
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