Quote on Nifty by Vatsal Bhuva, Technical Analyst at LKP Securities
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Below the Quote on Nifty by Vatsal Bhuva, Technical Analyst at LKP Securities
"The Nifty index closed slightly above its critical support at 23,500 on Thursday, forming a bearish candlestick below the 200-day EMA, signaling caution. A follow-up breach below 23,500 would validate a sell-on-rise strategy, with further downside expected. Conversely, holding this support may lead to consolidation. For the short term, 23500 acts as a key support, while resistance is placed at 23800, capping any upside. Traders should monitor these levels closely, as they will dictate the index's immediate directional trend."
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