Nifty daily analysis for 17/10/23.
Nifty on the daily charts has formed an inside candle and closed flat forming a doji candle.
It consolidated in a narrow range of 60 points after the first hour candle. There were no movement in the index.
On the hourly charts, nifty traded around the 20 ema and closed between both the moving averages.
Markets are not giving any option buying opportunity in the market. It is consolidating and moving in a sideways trend after gap up or gap down opening.
The closing range of the market is getting smaller and a trending move can be seen in the coming days.
Support :- 19720, 19670
Resistance :- 19780, 19840
Nifty has not given a significant move in recent which is a good thing for a powerful break out or break down.
Wait for the price action near the levels before entering the market.
It consolidated in a narrow range of 60 points after the first hour candle. There were no movement in the index.
On the hourly charts, nifty traded around the 20 ema and closed between both the moving averages.
Markets are not giving any option buying opportunity in the market. It is consolidating and moving in a sideways trend after gap up or gap down opening.
The closing range of the market is getting smaller and a trending move can be seen in the coming days.
Support :- 19720, 19670
Resistance :- 19780, 19840
Nifty has not given a significant move in recent which is a good thing for a powerful break out or break down.
Wait for the price action near the levels before entering the market.
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