Nifty weekly analysis for 17/10/22.
Nifty on the weekly time frame has been taking support from its 20 ema and formed an inside candle. The market has remained in a range and for three weeks index has formed dojis on the weekly time frame.
On the weekly closing the market has just gained 62 points.
In the last trading session, nifty opened over 300 points above the previous close and consolidated in the first half and there was a sell off in the last hour of the session.
The market, on the daily time frame, has closed between both the moving averages. Its still taking resistance from the 17300 levels.
200 ema on the hourly time frame has been a strong resistance. There was a fake out of the moving average and there was a nice sell off and closed near to the 20 ema.
On 15 minute chart analysis, there was a head and shoulder break down and it also started trading below the 20 ema.
Support :- 17180, 17090, 16960
Resistance :- 17325, 17410, 17530
Nifty has been respecting the levels and its holding its level of 17000 on the weekly closing.
Global market are still fidgety. And indian markets follow the global cues.
Wait for the price action near the levels before entering the markets.
On the weekly closing the market has just gained 62 points.
In the last trading session, nifty opened over 300 points above the previous close and consolidated in the first half and there was a sell off in the last hour of the session.
The market, on the daily time frame, has closed between both the moving averages. Its still taking resistance from the 17300 levels.
200 ema on the hourly time frame has been a strong resistance. There was a fake out of the moving average and there was a nice sell off and closed near to the 20 ema.
On 15 minute chart analysis, there was a head and shoulder break down and it also started trading below the 20 ema.
Support :- 17180, 17090, 16960
Resistance :- 17325, 17410, 17530
Nifty has been respecting the levels and its holding its level of 17000 on the weekly closing.
Global market are still fidgety. And indian markets follow the global cues.
Wait for the price action near the levels before entering the markets.
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