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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Nifty will recover gradually, may climb towards 23,600: Rupak De
A gradual recovery in Nifty in the short term is anticipated, though the uptrend is likely to be slow with periods of consolidation, says Rupak De, Senior Technical Analyst at LKP Securities.
On the upside, the index may climb toward 23,600, and a decisive breakout above this level could push it further toward 24,100, he said.
Edited excerpts:
Is it safe to assume that 22,000 is the biggest support point for Nifty in the near to medium term? Also, do you think that the upside seen in the last 3 days have legs strong enough to take the market up another 500 points near 23K?
Over the past five months, the Nifty has corrected by approximately 17%, pushing the daily RSI (14) down to a historic low of 22—a level last seen during the COVID-19 period. This suggests that the index has entered a deeply oversold zone, increasing the likelihood of a significant pullback.
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