Nifty analysis for 12/03/24.
Nifty has given a nice break out of the parallel channel and now is retesting it.
On the hourly charts, the market seem to consolidate around the support levels.
If there is a gap up opening, a bullish trade can be captured in the index once it crosses 22420 levels with the targets of ATH.
Major support levels :- 22240, 22170
The market is in a bullish mode and every dip is being bought. Any bullish pattern around the support level can be bought in this scenario.
Even the seller are waiting for the market to short, but the sell off today doesn't seem to effect the bullish mode as it was slow and took time to test the lower levels.
RSI is showing some bearish divergence as the strenght also need to reset and come up for another bullish move.
Major resistance levels :-22420, 22510
Wait for the price action near the levels before entering the market.
On the hourly charts, the market seem to consolidate around the support levels.
If there is a gap up opening, a bullish trade can be captured in the index once it crosses 22420 levels with the targets of ATH.
Major support levels :- 22240, 22170
The market is in a bullish mode and every dip is being bought. Any bullish pattern around the support level can be bought in this scenario.
Even the seller are waiting for the market to short, but the sell off today doesn't seem to effect the bullish mode as it was slow and took time to test the lower levels.
RSI is showing some bearish divergence as the strenght also need to reset and come up for another bullish move.
Major resistance levels :-22420, 22510
Wait for the price action near the levels before entering the market.
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