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Hot Stocks | Axis Bank, SBI, Maruti Suzuki may fetch double-digit return in short term. Here's why

The index shows initial signs of bottoming out near 17,000 mark and could give a pullback towards 17,450-17,776 levels. On the flip side, if it breaks below 16,836 then it can move lower towards 16,600–16,410 levels

January 28, 2022 / 08:34 AM IST

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Todays L/H

Vidnyan Sawant, AVP - Technical Research, GEPL Capital

The Nifty has maintained its lower top lower bottom formation on the daily charts, however, it has managed to sustain above the 17,000 mark consistently for the last three sessions and formed a reversal candle pattern like Piercing Line and Hammer candle pattern on the daily charts, indicating some kind of bottoming out for the short to medium term.

The RSI (relative strength index) indicator on lower timeframes has placed below 40 mark, however, it is showing price momentum divergence.