Nifty daily analysis for 15/03/23.
Nifty has been trading in a bearish territory and is weaker than the other index. It has formed a doji after touching the round number figure of 17000.
It has been forming lower high lower low formation and has consolidated in a narrow range in the second half of the trading session.
On the hourly time frame, the market has been trading far below the 20 ema and to continue the fall it will once touch the moving average. If there is any negative sign near the moving average, a sell trade can be initiated with good risk to reward ratio.
The market has been taking rejection from the 20 ema, on 15 minute charts and has also given a false break out of the moving average.
Support :- 17000, 16860, 16790
Resistance :- 17070, 17190
The supports are near and if these supports are broken down, nice selling market can be seen soon.
Wait for the price action near the levels before entering the markets.
It has been forming lower high lower low formation and has consolidated in a narrow range in the second half of the trading session.
On the hourly time frame, the market has been trading far below the 20 ema and to continue the fall it will once touch the moving average. If there is any negative sign near the moving average, a sell trade can be initiated with good risk to reward ratio.
The market has been taking rejection from the 20 ema, on 15 minute charts and has also given a false break out of the moving average.
Support :- 17000, 16860, 16790
Resistance :- 17070, 17190
The supports are near and if these supports are broken down, nice selling market can be seen soon.
Wait for the price action near the levels before entering the markets.
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