Nifty daily analysis for 11/01/23.
A nice break down in the Nifty and started trading below the previous low.
The market has been trading below the moving average and is trading in a range.
On the hourly time frame, the market took support near 17880 and recovered and closed above 17900 levels, dropping 1%.
Market has been consolidating in 250 points range.
If the markets break below 17800 level, lower levels will be tested.
On the 15 minute chart, the market tested the 20 ema and retested the level. The market has closed below the 20 ema.
Support :- 17880, 17820
Resistance :- 17970,18030
The market has given a nice bearish candle and can remain bearish for tomorrow.
Wait for the price action near the levels before entering the market.
The market has been trading below the moving average and is trading in a range.
On the hourly time frame, the market took support near 17880 and recovered and closed above 17900 levels, dropping 1%.
Market has been consolidating in 250 points range.
If the markets break below 17800 level, lower levels will be tested.
On the 15 minute chart, the market tested the 20 ema and retested the level. The market has closed below the 20 ema.
Support :- 17880, 17820
Resistance :- 17970,18030
The market has given a nice bearish candle and can remain bearish for tomorrow.
Wait for the price action near the levels before entering the market.
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