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Here's why the Nifty can rally to 18,200; Ravi Nathani explains

According to the technical analyst, the Nifty is in the process of forming an Inverse Head and Shoulder pattern, which is a bullish chart pattern.

stock markets, Nifty50
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Ravi Nathani Mumbai
Nifty
Outlook: Bullish
Last close: 17,944.20

The index has a positive near-term trend, indicating a bullish sentiment among investors. However, it is crucial to note that the index has strong support levels between 17,750-17,800.

A close below this range could trigger further correction on the charts, with the next support levels at 17,650 and 17,525. The best trading strategy for traders would be to buy the index on dips or at the current market price, with a target of 18,200 and 18,400.

This trading strategy is recommended as the index is currently forming an Inverse Head and Shoulder pattern, with the right shoulder currently in

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First Published: Feb 20 2023 | 8:14 AM IST

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