Nifty weekly analysis for 27/01/23.
The January session in over and we into February session. On the monthly expiry market gave nice momentum.
The index closed nearly 225 points lower giving nice trending market and forming a bearish flag and pole pattern on hourly chart.
During the first half, the market gave nice opporunity. Closing below 18k levels and consolidated thereafter.
There is a bearish moving average cross over in the hourly time frame and if market remain in the same mood, after a retracement can touch lower support levels.
On the 15 minutes chart, after giving a nice bearish moment, the market retested its 20 ema and closed below both the moving averages.
Support :- 17850, 17780-800
Resistance :- 17950, 18020
Let the market close outside the box and trade according to it. In case of a break down, the market can travel lower giving targets of 150 points in the index.
Wait for the price action near the price levels before entering the markets.
The index closed nearly 225 points lower giving nice trending market and forming a bearish flag and pole pattern on hourly chart.
During the first half, the market gave nice opporunity. Closing below 18k levels and consolidated thereafter.
There is a bearish moving average cross over in the hourly time frame and if market remain in the same mood, after a retracement can touch lower support levels.
On the 15 minutes chart, after giving a nice bearish moment, the market retested its 20 ema and closed below both the moving averages.
Support :- 17850, 17780-800
Resistance :- 17950, 18020
Let the market close outside the box and trade according to it. In case of a break down, the market can travel lower giving targets of 150 points in the index.
Wait for the price action near the price levels before entering the markets.
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