Quote on Nifty 06th Aug 2025 by Rupak De, Senior Technical Analyst at LKP Securities
Below the Quote on Nifty 06th Aug 2025 by Rupak De, Senior Technical Analyst at LKP Securities
"Nifty remained bearish throughout the day as the index stayed under selling pressure, holding below the 50EMA throughout the session. The RSI continued to display a bearish crossover on both the daily and hourly charts. In addition, a lower-top, lower-bottom formation has developed on the hourly chart, indicating a weakening trend. The index is likely to remain a “sell on rise” as long as it stays below 24,850. In the short term, the index may trend downwards towards 24,400, which is expected to act as a crucial support level on a sustained or closing basis. If Nifty sustains below 24,400, it is likely to witness a more serious correction."
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