Nifty daily analysis for 04/10/22
Nifty on the daily time frame has given a negative candle and has closed 200 points lower.
The market has taken support from its 200 DMA and has closed near the level.
On the hourly time frame, the market remained for selling.
Though, the market tried to hold the 17000 level, but in the second half a huge sell off broke the level and even traded below the 20 ema.
The market has formed an inside candle and closed below both the moving averages.
Support :- 16840, 16770, 16650
Resistance:- 17000, 17065
As predicted the markets are still in a bearish territory and couldn't hold above the 17000 level.
Wait for the price action near the price level before entering the markets.
The market has taken support from its 200 DMA and has closed near the level.
On the hourly time frame, the market remained for selling.
Though, the market tried to hold the 17000 level, but in the second half a huge sell off broke the level and even traded below the 20 ema.
The market has formed an inside candle and closed below both the moving averages.
Support :- 16840, 16770, 16650
Resistance:- 17000, 17065
As predicted the markets are still in a bearish territory and couldn't hold above the 17000 level.
Wait for the price action near the price level before entering the markets.
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