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MC Interview | 17,500 on Nifty to come under jeopardy, but Bank Nifty unlikely to go beyond 40,000 soon, says this technical chartist

Possibility of a decline towards 41,000-40,330 zone on Bank Nifty remains high but a breach below 40,000 level immediately looks unlikely.

January 09, 2023 / 02:18 PM IST
Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities

Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities

"The current data still supports the fact that the psychological support around 17,500 would come under jeopardy due to its close proximity to its 200-day EMA (exponential moving average) level of 17,485 which could be marked as key support zone for the ongoing bearish move," Sacchitanand Uttekar of Tradebulls Securities says in an interview to Moneycontrol.

On the Bank Nifty, the VP-Research (Derivatives and Technicals) with 16 years of experience in analysing Indian capital markets via its financial data feels the possibility of a decline towards 41,000-40,330 zone remains high but a breach below 40,000 level immediately looks unlikely.

In case of the PSU Bank Index, Uttekar says since the rally has been vertical and its monthly RSI (relative strength index) trending in its overbought territory at 75, it is ideal to remain cautious & wait for a pullback towards 3,800 to add further longs.

Do you think the Nifty will break its crucial support of 17,500 mark in coming sessions?