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Charts suggest 41,569 as trend changing level on Bank Nifty: Ravi Nathani

According to the technical analyst, the if the Bank Nifty fails to hold 41,569 the trend may bearish in the short term.

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Ravi Nathani Mumbai
Nifty
Last close: 17,914.15

On technical charts, yesterday’s performance of the Index has covered the complete candle and closed below its low, this indicates weakness or selling pressure was immense. 

However, if we see the last 12 day's Nifty performance, Index is trading in a range of 18,265 – 17,775 until we don’t get any breakout on charts, it would be advisable for traders to buy near support and sell near resistance levels mentioned.

Technical Indicators like MACD are still weak on daily charts, whereas the current position of the 20-day exponential moving average is at 18,142 which is 228 points away from the

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First Published: Jan 11 2023 | 7:43 AM IST

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