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Further drop likely if Nifty falls below 17,840 | Bet on these 3 stocks for decent returns in short term

The index remained below the 50-day exponential moving average on the daily timeframe, confirming the bearish trend.

January 26, 2023 / 10:39 AM IST
Representative image

Representative image

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Todays L/H

Rupak De, senior technical analyst at LKP Securities

Bears remained at the helm as the benchmark Nifty 50 index shed 226.35 points (1.25 percent) on January 25. On the daily timeframe, the index remained below the 50-day exponential moving average, which confirms the bearish trend.

On the lower end, however, the drop was limited to the upper band of the falling wedge pattern on the daily chart. Sentiment looks very weak, with the RSI (relative strength index) in a bearish crossover.

The Nifty 50 ended at 17,891.95 on January 25. A further drop may occur if the index falls below 17,840. On the higher end, resistance is placed at 18,000.