Nifty weekly analysis for 09/10/23.
Nifty on the weekly time frame has fromed a dragon fly doji after retesting the 20 ema.
There is a gap up opening after tested 19350 levels and has closed around the 20 ema on the daily charts.
On the hourly charts, the market has closed around the 200 ema. Though, the markets are opening gap up but there is no follow through in the direction.
Nifty last week has been froming a consolidation phase after gap up or gap down opening and trading in a narrow range.
It has retraced to 19300 levels andi is now standing around 3802% fibonacci levels. For a bullish momentum to continue, it should cross and sustain above the 19900 levels. Other wise market will ramain volatile.
Major trend levels are 19900 and 19250. Bullish or bearish trade can be trailed once the market starts trading above or below the levels.
Support :- 19560, 19500, 19350
Resistance :- 19730, 19850, 19900
Wait for the price action near the levels before entering the market.
There is a gap up opening after tested 19350 levels and has closed around the 20 ema on the daily charts.
On the hourly charts, the market has closed around the 200 ema. Though, the markets are opening gap up but there is no follow through in the direction.
Nifty last week has been froming a consolidation phase after gap up or gap down opening and trading in a narrow range.
It has retraced to 19300 levels andi is now standing around 3802% fibonacci levels. For a bullish momentum to continue, it should cross and sustain above the 19900 levels. Other wise market will ramain volatile.
Major trend levels are 19900 and 19250. Bullish or bearish trade can be trailed once the market starts trading above or below the levels.
Support :- 19560, 19500, 19350
Resistance :- 19730, 19850, 19900
Wait for the price action near the levels before entering the market.
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