Nifty daily analysis for 13/09/23.
After a gap up opening, there was a profit booking and market consolidated as it has already stretched alot and it may take a halt or market may become volatile.
On the hourly charts, there was profit booking in the first hour and market remained inside the candle whole day closing almost flat.
Nifty has hit a new ATH and there should be a halt or a retracement before carrying on with the bullish momentum.
Markets can't just go up without any rest or retracement and after a movement there will be a sideway to volatile market. Watch the market to consolidate or retest the lower support levels.
On 15 minute time frame, market has near to the 20 ema and is taking resistance from the round number figure of 20k.
Support :- 19920-50, 19860
Resistance :- 20020, 20110(ATH)
Wait for the price action near the levels before entering the market.
On the hourly charts, there was profit booking in the first hour and market remained inside the candle whole day closing almost flat.
Nifty has hit a new ATH and there should be a halt or a retracement before carrying on with the bullish momentum.
Markets can't just go up without any rest or retracement and after a movement there will be a sideway to volatile market. Watch the market to consolidate or retest the lower support levels.
On 15 minute time frame, market has near to the 20 ema and is taking resistance from the round number figure of 20k.
Support :- 19920-50, 19860
Resistance :- 20020, 20110(ATH)
Wait for the price action near the levels before entering the market.
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