Nifty daily analysis for 22/02/2023.
Nifty has formed another negative candle and closed below the 20 ema. The market took support around 17800 levels.
On the hourly time frame, the market tried to trap the bullish trades. It took resistance from the moving average and reversed giving a nice bearish trade. There is a bearish moving averages crossover also.
The market remained in a 100 points range and closed flat.
There is a lower high lower low formation. If the markets start trading below 17800 levels, bearish trades can be initiated.
The market has closed near 38.2% fib levels. It can test the 50% level and reverse.
For bullish trades watch for the inclined trend line to break and retest.
Support :- 17800, 17735
Resistance :- 17920, 17970-18000
Wait for the price action near the levels before entering the trade.
On the hourly time frame, the market tried to trap the bullish trades. It took resistance from the moving average and reversed giving a nice bearish trade. There is a bearish moving averages crossover also.
The market remained in a 100 points range and closed flat.
There is a lower high lower low formation. If the markets start trading below 17800 levels, bearish trades can be initiated.
The market has closed near 38.2% fib levels. It can test the 50% level and reverse.
For bullish trades watch for the inclined trend line to break and retest.
Support :- 17800, 17735
Resistance :- 17920, 17970-18000
Wait for the price action near the levels before entering the trade.
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