Charts suggest a pullback is likely for Nifty in near-term: Ravi Nathani

According to the technical analyst, the Nifty index exhibits an imminent pullback in the near-term post an oversold disposition

Nifty
Last close: 17,100.05
 

Charts suggest that the Nifty index exhibits an oversold disposition over the near-term. A diligent examination of the temporal trend signals an imminent pullback.

Moreover, after conducting a thorough analysis, the downside support levels that are expected to materialise is around 16,800.

However, if the index breaches this level, then the subsequent support levels would be situated around 16,600-16,225.

Conversely, in the event that the index exceeds the resistance level of 17,325, the subsequent resistance levels are anticipated to manifest around 17,550-17,900.

With respect to technical oscillators like Stochastic and RSI, which allude