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 has formed a Hanging Man pattern on the daily chart, indicating a possible pause in the current rally. On the other hand, the index closed above the 100-EMA on the daily chart, which suggests continued positivity. Additionally, the RSI has just entered a positive crossover.
Summing it up, although the sentiment appears positive, a hint of fatigue is visible in the index following the steep rally over the past few days. Therefore, the possibility of a minor pullback on the downside cannot be ruled out.
Support is placed at 23,300; a decisive break below this level could trigger a correction towards 23,000. Resistance is placed at 23,370 and 23,650."
Above views are of the author and not of the website kindly read disclaimer
Tag News
Weekly Technical Outlook and Picks by Axis Securities Ltd
More News
Quote on Nifty from Rupak De, Senior Technical Analyst at LKP Securities
