Nifty weekly analysis for 04/09/23.
Nifty has finally given a green candle after 5 red candle and has closed above 19400 levels.
There was a nice bullish move in the last trading session after constantly testing 19250 levels.
Market was in a bullish move and from the last month there was a retracement and the markets were indecisive where to go.
A U-shape recovery is there, on hourly charts, but still nifty is around the resistance zone. Watch for the market as there is a G-20 meeting which will also show some fake movements in the indian markets.
After constantly struggling to close above the 20 ema, now it has closed above the level and is looking some what good as there can be a trending market in the coming week.
On 15 minute time frame, there is a bullish moving averages cross over and even on the higher time frame, market has closed above both the moving averages.'
Support :- 19330, 19250
Resistance ;- 19460, 19565, 19620
Nifty has closed around the resistance area and there are chance of a pullback before another bullish leg. Watch the market to cross 19550 levels which will confirm the short term trend and bullish trades can be carried on for this session.
It has reversed from levels between 50-61.8% fibonacci levels that is the golden zone.
Wait for the price action near the levels before entering the market.
There was a nice bullish move in the last trading session after constantly testing 19250 levels.
Market was in a bullish move and from the last month there was a retracement and the markets were indecisive where to go.
A U-shape recovery is there, on hourly charts, but still nifty is around the resistance zone. Watch for the market as there is a G-20 meeting which will also show some fake movements in the indian markets.
After constantly struggling to close above the 20 ema, now it has closed above the level and is looking some what good as there can be a trending market in the coming week.
On 15 minute time frame, there is a bullish moving averages cross over and even on the higher time frame, market has closed above both the moving averages.'
Support :- 19330, 19250
Resistance ;- 19460, 19565, 19620
Nifty has closed around the resistance area and there are chance of a pullback before another bullish leg. Watch the market to cross 19550 levels which will confirm the short term trend and bullish trades can be carried on for this session.
It has reversed from levels between 50-61.8% fibonacci levels that is the golden zone.
Wait for the price action near the levels before entering the market.
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