Nifty weekly analysis for 07/08/23.
After a halt candle, market has given a nice fall in this week and recovered some points after a gap up opening.
Nifty has closed 130 points lower this week forming a dragon fly doji on the weekly chart. The market fell for 3 days and tested 19300 levels after making a high of 19800 this week.
The market is creating a bull trend and this is a healthly retracement for another up move.
On the daily charts, market is facing resistance from 20 ema which coincide with 50% fibonacci levels.
Market is now making a lower low lower high formation. Bullish trades should be avoided until the price start trading above 19600 levels. For confirm bullish trades enter only when market crosses above the previous swing high.
A 2 days fall and a halt after the gap up opening is quite good for the upcoming week. There are chance of market testing another low as sell on rise is the market cycle these days.
On the hourly charts, it traded between both the moving averages and closed near the 20 ema. Nifty was volatile and remained in a 100 points range in the last trading session.
Support :- 19420, 19300
Resistance :- 19550, 19730
Nifty too has formed a new ATH of around 20k and is trading around 19500 levels. The round figure levels can act as support or resistance.
Wait for the price action near the levels before entering the market.
Nifty has closed 130 points lower this week forming a dragon fly doji on the weekly chart. The market fell for 3 days and tested 19300 levels after making a high of 19800 this week.
The market is creating a bull trend and this is a healthly retracement for another up move.
On the daily charts, market is facing resistance from 20 ema which coincide with 50% fibonacci levels.
Market is now making a lower low lower high formation. Bullish trades should be avoided until the price start trading above 19600 levels. For confirm bullish trades enter only when market crosses above the previous swing high.
A 2 days fall and a halt after the gap up opening is quite good for the upcoming week. There are chance of market testing another low as sell on rise is the market cycle these days.
On the hourly charts, it traded between both the moving averages and closed near the 20 ema. Nifty was volatile and remained in a 100 points range in the last trading session.
Support :- 19420, 19300
Resistance :- 19550, 19730
Nifty too has formed a new ATH of around 20k and is trading around 19500 levels. The round figure levels can act as support or resistance.
Wait for the price action near the levels before entering the market.
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