Nifty daily analysis for 27/12/22.
Nifty has given a bullish engulfing candle and closed gaining 200 points.
The market gained momentum in the initial hours and formed a flag and pole pattern on the hourly charts. It took a resistance from the 20 ema and closed near to the levels.
On 15 minute time frame, the market has given a break out of the level and moving average and retested the 20 ema.
There was a rejection from 18080 levels. The has given a closed above 18k levels.
Support :- 17980-18000, 17930
Resistance :- 18080, 18180
The market has taken resistance from the 38.2% fibonnaci level and closed below it.
Wait for the price action near the price level before entering the market.
The market gained momentum in the initial hours and formed a flag and pole pattern on the hourly charts. It took a resistance from the 20 ema and closed near to the levels.
On 15 minute time frame, the market has given a break out of the level and moving average and retested the 20 ema.
There was a rejection from 18080 levels. The has given a closed above 18k levels.
Support :- 17980-18000, 17930
Resistance :- 18080, 18180
The market has taken resistance from the 38.2% fibonnaci level and closed below it.
Wait for the price action near the price level before entering the market.
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