Tech View :: ‘Nifty may remain under pressure in near-term’
The Relative Strength Index (RSI) with a period of 14 is showing a bearish crossover and has dropped below the 50-mark. In the short term, the index may continue to be susceptible to selling pressure with resistance anticipated around 22,250. On the downside, support levels are positioned at 21,800 and 21,700.
Views by: Rupak De, Senior Technical Analyst, LKP Securities
Comment :: ‘Use rebound to create short positions’
Midcap and Smallcap space are already under tremendous pressure. We suggest maintaining negative bias in the index now and utilizing rebound to create short positions.
At the same time, traders shouldn’t add to their loss-making positions and prefer index majors over others.
Views by: Ajit Mishra, SVP – Technical Research, Religare Broking
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