Quote on Nifty by Rupak De, Senior Technical Analyst at LKP Securities
Below the Quote on Nifty by Rupak De, Senior Technical Analyst at LKP Securities
"The index closed significantly higher from the day’s low, driven by buying interest at the lower end of the range. However, sentiment remains weak as it failed to reclaim the key Fibonacci retracement level. Additionally, the index continues to trade below critical moving averages, reinforcing the overall bearish undertone.
In the short term, the index is likely to remain a sell-on-rise candidate unless it decisively crosses above 23,150 on a closing or sustained basis. On the downside, support is placed at 22,800."
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