Nifty daily analysis for 08/12/22
Nifty on the hourly time frame has been following a nice lower high lower low pattern and has given a bearish engulfing pattern on the daily time frame.
The market on the hourly time frame has been trading below the 20 ema and gave a nice selling candle in the closing hour of the session.
On 15 minute time frame, there is a bearish moving average cross over.
Support :- 18550, 18450
Resistance :- 18570, 18615
Nifty is showing some weakness and banknifty is taking a halt.
The market can be volatile as there is gujrat election results.
Wait for the price action near the levels before entering the markets.
The market on the hourly time frame has been trading below the 20 ema and gave a nice selling candle in the closing hour of the session.
On 15 minute time frame, there is a bearish moving average cross over.
Support :- 18550, 18450
Resistance :- 18570, 18615
Nifty is showing some weakness and banknifty is taking a halt.
The market can be volatile as there is gujrat election results.
Wait for the price action near the levels before entering the markets.
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