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."
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