Nifty daily analysis for 25/08/23.
Nifty after a gap up opening gave a selling and closed below the 20 ema and has formed an engulfing candle.
On the hourly charts, after the first hour is came for selling and continued the sell off, closing 57 points lower near the support level and below both the moving averages.
Global market are too trading in negative and if nifty starts trading below 19250 levels there will be a panice selling as it has bounced from that levels and the support is becoming weak.
On 15 minutes chart, the moving averages are close enough and there will be a bearish cross over if there is another sell off.
There are chance of a bearish trend as a fake out has been proved in nifty. Though, banknifty tried to remain in the green but has closed only 17 points higher which is a flat closing.
Support :- 19370, 19260
Resistance :- 19480, 19550
Wait for the price action near the levels before entering the market.
On the hourly charts, after the first hour is came for selling and continued the sell off, closing 57 points lower near the support level and below both the moving averages.
Global market are too trading in negative and if nifty starts trading below 19250 levels there will be a panice selling as it has bounced from that levels and the support is becoming weak.
On 15 minutes chart, the moving averages are close enough and there will be a bearish cross over if there is another sell off.
There are chance of a bearish trend as a fake out has been proved in nifty. Though, banknifty tried to remain in the green but has closed only 17 points higher which is a flat closing.
Support :- 19370, 19260
Resistance :- 19480, 19550
Wait for the price action near the levels before entering the market.
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