Nifty Faces Strong Resistance at 19850, Potential Breakout or Breakdown Imminent; Banknifty Seeks Recovery After RBI Risk Norm Change by Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy
Nifty is facing huge resistance at 19850 and again saw selling today after crossing 19850. While Nifty has been consolidating in a short range of 19650-19850 for the past 7 trading sessions, we may soon see a breakout or breakdown with the former more likely. The cooling down of the VIX also points to the same. Banknifty was more bearish compared to Nifty for the past few days due to the RBI risk norm change. Finding support at the 200 DMA yesterday, Banknifty closed in green today. The bulls will have to cross the next resistance which is at 43800 to gain control or else Banknifty will continue its downward march.