Nifty daily analysis for 09/08/23.
Market remained in the same range as yesterday and killed option buyer.
Nifty for 2 days have been range bound. Today range was 19630-530 and in the second half of the session market remain silent.
On the hourly charts, nifty took support from 20 ema and closed above both the moving averages. After a gap up opening market came for selling and reversed after hitting the support zone around 19500 levels.
Market has been consolidating for 2 days and time is there for a big move either side.
On 15 minute time frame, the market traded around the moving averages and has closed near the levels.
Support :- 19535, 19420
Resistance :- 19600, 19720
Nifty struggled to cross 19600 levels and 50% fibonacci levels. It has also hit 19500 levels many time. Break out/down can give good target.
Wait for the price action near the levels before entering the market.
Nifty for 2 days have been range bound. Today range was 19630-530 and in the second half of the session market remain silent.
On the hourly charts, nifty took support from 20 ema and closed above both the moving averages. After a gap up opening market came for selling and reversed after hitting the support zone around 19500 levels.
Market has been consolidating for 2 days and time is there for a big move either side.
On 15 minute time frame, the market traded around the moving averages and has closed near the levels.
Support :- 19535, 19420
Resistance :- 19600, 19720
Nifty struggled to cross 19600 levels and 50% fibonacci levels. It has also hit 19500 levels many time. Break out/down can give good target.
Wait for the price action near the levels before entering the market.
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