Nifty daily analysis for 21/02/23.
Nifty on the daily time frame has closed below the inclined trend line. If it crosses and starts trading below 17800 levels market has test the recent low.
On the hourly time frame, the market has consolidated in the last hour after a fall forming doji. The market is showing bearish sentiments.
There is a bearish moving averages cross over, on 15 minutes charts, and the market can retest the trend line before another fall. Enter a bearish trade if there is a negative candle near the resistance level or trend line.
Support :- 17800, 17335
Resistance :- 17880, 17940(fib level)
Wait for the price action near the price levels before entering the markets.
On the hourly time frame, the market has consolidated in the last hour after a fall forming doji. The market is showing bearish sentiments.
There is a bearish moving averages cross over, on 15 minutes charts, and the market can retest the trend line before another fall. Enter a bearish trade if there is a negative candle near the resistance level or trend line.
Support :- 17800, 17335
Resistance :- 17880, 17940(fib level)
Wait for the price action near the price levels before entering the markets.
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