PL Technical Research: TECHNICAL VIEW - NIFTY

PL Technical Research: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

NIFTY cmp: 19260 - - The index is hovering near the important and crucial support zone of 19270 levels which is also where the significant 50EMA lies, and as we have been mentioning, a decisive breach below the 19250-19270 zone shall weaken the overall bias and can trigger for further slide with next major support zone visible near 18800-18900 levels with 19000 as the psychological landmark in-between.

At the same time, from current levels for the bias to improve, would need a decisive breach and sustain above 19500 levels to anticipate for further rise. So till then, one can maintain a cautious approach and go for only select stocks.