Quote on Nifty by Vatsal Bhuva, Technical Analyst at LKP Securities
Below the Quote on Nifty by Vatsal Bhuva, Technical Analyst at LKP Securities
"On Tuesday, Nifty opened on a positive note but faced selling pressure near its 14-day EMA, closing with a long bearish candlestick just above the key support of 23,000 and below its consolidation range. The RSI, currently at 36 and in bearish crossover, indicates a bearish trend, suggesting room for further downside before entering the oversold zone and solidifying bearish dominance. Selling pressure continues to limit recoveries, and the follow-up move will be key to confirming further downside. A close below 23,000 could push the index toward pre-election levels of 22,500, with immediate resistance at 23,300. Until Nifty closes above 23,500, a sell-on-rise strategy is recommended."
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