Nifty weekly analysis for 23/01/23.
Again nifty has formed a doji candle on the weekly charts. It is taking support from the 20 ema and 50% fibonacci levels.
On the daily charts, there is a evening star pattern formation and the market has closed below the 20 Dma.
The global markets have shown some recovery.
Indian market is still in a confusion state and the trend in not certain. Let the market decide the trend on higher time frame and trade only clear setups.
The market has given a consolidation zone and a break down of the zone on hourly charts. Nifty has closed below both the moving averages forming them as a resistance.
On 15 minutes chart, there was constant resistance from 18130-40 levels and the break down in the second half of the session is giving some negative signals.
Support :- 18020, 17940
Resistance :- 18080, 18140
Sell trades can be initiated once the 18k levels is broken down for a 60-70 points target.
Wait for the price action near the levels before entering the markets.
On the daily charts, there is a evening star pattern formation and the market has closed below the 20 Dma.
The global markets have shown some recovery.
Indian market is still in a confusion state and the trend in not certain. Let the market decide the trend on higher time frame and trade only clear setups.
The market has given a consolidation zone and a break down of the zone on hourly charts. Nifty has closed below both the moving averages forming them as a resistance.
On 15 minutes chart, there was constant resistance from 18130-40 levels and the break down in the second half of the session is giving some negative signals.
Support :- 18020, 17940
Resistance :- 18080, 18140
Sell trades can be initiated once the 18k levels is broken down for a 60-70 points target.
Wait for the price action near the levels before entering the markets.
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