Nifty weekly analysis for 10/07/23.
Nifty has been holding the highs for long. But during the last trading session market has given a bearish engulfing candle and formed a gravestone doji on the weekly time frame.
The market has given a red candle and closed 165 points lower. Profit booking and retest was required and market has retraced to 23.6% fibonacci levels.
On the hourly charts, the market has started trading below the 20 ema and closed below the levels. During the last hour, market has retested the moving average and the zone.
Candle formed on the daily and weekly charts show some short term negative move and the global markets are also in the same mood.
Many gaps are pending as the market has travelled gap up after gap up.
Support :- 19315, 19240, 19185
Resistance :- 19420, 19500
The supports are near by and market can reverse from it. Take small targets in the bearish trade or opt for partial profit booking.
Wait for the price action near the levels before entering the market.
The market has given a red candle and closed 165 points lower. Profit booking and retest was required and market has retraced to 23.6% fibonacci levels.
On the hourly charts, the market has started trading below the 20 ema and closed below the levels. During the last hour, market has retested the moving average and the zone.
Candle formed on the daily and weekly charts show some short term negative move and the global markets are also in the same mood.
Many gaps are pending as the market has travelled gap up after gap up.
Support :- 19315, 19240, 19185
Resistance :- 19420, 19500
The supports are near by and market can reverse from it. Take small targets in the bearish trade or opt for partial profit booking.
Wait for the price action near the levels before entering the market.
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