Nifty weekly analysis for 14/08/23.
Nifty is taking a retracement and on the weekly charts have formed an inside candle. The market took a retest to 50% fibonacci levels and recovered.
Trend is still bullish as the major trend is in the upward direction and this might be just a retracement. Though the market is stuck in a small range and there are chance of a breakout in the upcoming week.
The market has closed below the 20 ema on daily charts, which signifies some bearish trend in the short term. Directional market is not there as it is behaving in a volatile and sideways mode.
On the hourly charts, there is a formation on lower low lower high and market is following a bearish trend. Nifty has closed below both the moving averages and is now standing around 19400 levels.
In the first trading hour market took resistance from 20 ema and closed even below the 200 ema, traded around it and finally formed an evening star taking resistance from the levels.
On 15 minutes time frame, the closed is below both the moving averages and the market still looks bearish.
Support :- 19300, 19185
Resistance :- 19500, 19580
The market has closed just below the support level and another support is 100 points lower. If market starts trading below previous day's low, bearish move will be there.
Gap up and gap down opening will take the opportunity away as it will be stuck in a range.
Wait for the price action near the levels before entering the market.
Trend is still bullish as the major trend is in the upward direction and this might be just a retracement. Though the market is stuck in a small range and there are chance of a breakout in the upcoming week.
The market has closed below the 20 ema on daily charts, which signifies some bearish trend in the short term. Directional market is not there as it is behaving in a volatile and sideways mode.
On the hourly charts, there is a formation on lower low lower high and market is following a bearish trend. Nifty has closed below both the moving averages and is now standing around 19400 levels.
In the first trading hour market took resistance from 20 ema and closed even below the 200 ema, traded around it and finally formed an evening star taking resistance from the levels.
On 15 minutes time frame, the closed is below both the moving averages and the market still looks bearish.
Support :- 19300, 19185
Resistance :- 19500, 19580
The market has closed just below the support level and another support is 100 points lower. If market starts trading below previous day's low, bearish move will be there.
Gap up and gap down opening will take the opportunity away as it will be stuck in a range.
Wait for the price action near the levels before entering the market.
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