IGI Logo

Below View on Nifty 14 September 2022 By Rupak De, Senior Technical Analyst at LKP Securities

"Nifty remained above its previous consolidation as the global sell-off failed to pull the Indian equities down. On the lower end, the falling trend line has acted as crucial support for the Nifty. Besides, the index has been sustaining above the 50 exponential moving average on the daily timeframe, confirming an uptrend. Going forward, the trend will likely remain positive as long as it remains above 17700. On the higher end, the index may move towards 18600 once it provides a decisive breakout above 18100.

Bank Nifty continued to remain strong as it settled 1.3% on the day of global sell off. On the daily chart, the index remained above the previous swing high. The momentum indicator RSI is in bullish crossover.Going forward, the trend is likely to remain positive as long as it remains above 41000. On the higher end, the index may move towards 42000."

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