Quote on Nifty by Rupak De, Senior Technical Analyst, LKP Securities

2024-10-17 04:18:53 pm | Source: LKP Securities Ltd

Quote on Nifty by Rupak De, Senior Technical Analyst, LKP Securities

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Below the Quote on Nifty by Rupak De, Senior Technical Analyst, LKP Securities

"The Nifty has found initial support in the 24,700–24,750 zone. On the daily chart, the Nifty has broken down from a bearish flag pattern, suggesting a possible downward move in the short term. The RSI is showing a bearish crossover and is declining. However, this may not be the ideal level to initiate short positions, as the index has experienced a steep correction and is near a double-bottom support, which could trigger a near-term recovery toward 25,000. Conversely, a decisive fall below 24,700 could lead to a significant correction in the market."

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Quote on Nifty by Rupak De, Senior Technical Analyst, LKP Securities

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