Nifty daily analysis for 09/01/23.
Nifty on the weekly time frame has formed an inside candle and closed around 20 ema. The market has been trading in a range for 3 weeks and a trending market can be expected once the high or low of the previous candle is broken.
On the daily time frame, the market has tested the 17800 level twice and took support from it closing around 17860.
The market is forming a nice bearish trend on the smaller time frame and can travel lower, if the 17800 support is broken.
Continously, the index is taking rejection from 20 ema, on 15 minutes chart and is close to the moving average.
Support :- 17790-800, 17730, 17660
Resistance :- 17900, 18030, 18130
The US index Dow Jones has given a break out of the consolidation zone and closed gaining 2%. Indian market can follow the trend. Keep an eye on SGX Nifty, if it is giving a positive move, Indian markets can follow the move.
Wait for the price action near the price levels before entering the market.
On the daily time frame, the market has tested the 17800 level twice and took support from it closing around 17860.
The market is forming a nice bearish trend on the smaller time frame and can travel lower, if the 17800 support is broken.
Continously, the index is taking rejection from 20 ema, on 15 minutes chart and is close to the moving average.
Support :- 17790-800, 17730, 17660
Resistance :- 17900, 18030, 18130
The US index Dow Jones has given a break out of the consolidation zone and closed gaining 2%. Indian market can follow the trend. Keep an eye on SGX Nifty, if it is giving a positive move, Indian markets can follow the move.
Wait for the price action near the price levels before entering the market.
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