Nifty daily analysis for 26/07/23.
Nifty has traded inside a 100 points range and closed almost flat. A red candle has been formed after a gap up opening.
On the hourly charts, market traded below the 20 ema. Today it remained in a range and made difficult for the option buyers.
A constant rejection from 19700 level was faced by the buyer and market was unable to cross and sustain above it.
On 15 minutes charts, both the moving averages are close enough and a bearish moving averages cross over has been formed.
RSI divergence is there showing some weakness in strength on the top.
Support :- 19635, 19560
Resistance :- 19700, 19760
The market has formed resistances near by and chance of retesting lower levels are high as per the RSI divergence.
Wait for the price action near the levels before entering the markets.
On the hourly charts, market traded below the 20 ema. Today it remained in a range and made difficult for the option buyers.
A constant rejection from 19700 level was faced by the buyer and market was unable to cross and sustain above it.
On 15 minutes charts, both the moving averages are close enough and a bearish moving averages cross over has been formed.
RSI divergence is there showing some weakness in strength on the top.
Support :- 19635, 19560
Resistance :- 19700, 19760
The market has formed resistances near by and chance of retesting lower levels are high as per the RSI divergence.
Wait for the price action near the levels before entering the markets.
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