Nifty weekly analysis for 31/07/23.
After 4 weeks in green market has given a halt candle near the high forming a red doji candle.
Even on the daily charts, market has formed a doji, on the lower side of the range in which it was trading. The monthly expiry was a good one and the trend remain on the sell side whole day.
Nifty is trading around 20 ema (daily) and if it breaches the levels it can test 19500 levels.
On the hourly charts, market is trading below the 20 ema and can go to test the 200 ema, if it start trading below 19500.
Support :- 19565, 19500, 19370
Resistance :- 19650, 19730
The market supports are nearby and it can reverse from any of the support. Try to keep targets small on the down side.
Wait for the price action near the levels before entering the market.
Even on the daily charts, market has formed a doji, on the lower side of the range in which it was trading. The monthly expiry was a good one and the trend remain on the sell side whole day.
Nifty is trading around 20 ema (daily) and if it breaches the levels it can test 19500 levels.
On the hourly charts, market is trading below the 20 ema and can go to test the 200 ema, if it start trading below 19500.
Support :- 19565, 19500, 19370
Resistance :- 19650, 19730
The market supports are nearby and it can reverse from any of the support. Try to keep targets small on the down side.
Wait for the price action near the levels before entering the market.
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