Nifty daily analysis for 31/05/23.
For the last two trading session, nifty has been trading in a similar range and has formed dojis. Though banknifty has been trading new ATH, nifty is unable to capture the previous high.
On the hourly time frame, the market has traded inside the first candle and is taking support around 18600 levels.
If the markets break down, gap fill trade can be taken. On the upper side there is a resistance zone and its break out can be traded with a target of previous high.
On 15 minute chart, the market is jittery and is trading around the 20 ema.
Support :- 18580, 18450
Resistance :- 18690, 18870
Wait for the price action near the levels before entering the markets.
On the hourly time frame, the market has traded inside the first candle and is taking support around 18600 levels.
If the markets break down, gap fill trade can be taken. On the upper side there is a resistance zone and its break out can be traded with a target of previous high.
On 15 minute chart, the market is jittery and is trading around the 20 ema.
Support :- 18580, 18450
Resistance :- 18690, 18870
Wait for the price action near the levels before entering the markets.
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