View on Nifty : The benchmark Nifty slipped lower before closing for the day Says Rupak De, LKP Securities
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View on Nifty 26 July 2022 By Rupak De, Senior Technical Analyst at LKP Securities
"The benchmark Nifty slipped lower before closing for the day as the proximity to the upper band of the rising channel on the daily timeframe attracted selling pressure. A "lower top lower bottom" formation is visible on the hourly chart, which indicates a near-term bearishness. On the lower end, immediate support is placed at 16400-16350, below which the index may fall towards 16000. On the higher end, resistance is visible at 16600, above which the uptrend resumes."
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