Nifty weekly analysis for 23/01/24.
Actualizado
Nifty on weekly and daily time frame has formed a engulfing candle and chance are there of market going down if it breaks below 21500 level for intraday.
It has been taking support from the daily 20 moving average and rejection from 50% fibonacci level.
If market tries to move up side it will hit the resistance levels of 21800. In case the level is crossed and sustained, it can test 22000 level.
Up move targets :- 21800, 21970.
On the other hand, market can test the support levels of 21500 and 21350.
Even the hourly 200 ema will also act as a support i.e. 21430.
Support levels :- 21500, 21430. 21350
Chances are there that market can retest the support levels and if the last support levels of 21350 is breached, bearish trade targets can be 21020-21110.
Wait for opening of the market as much of the movement is decided after the price action.
It has been taking support from the daily 20 moving average and rejection from 50% fibonacci level.
If market tries to move up side it will hit the resistance levels of 21800. In case the level is crossed and sustained, it can test 22000 level.
Up move targets :- 21800, 21970.
On the other hand, market can test the support levels of 21500 and 21350.
Even the hourly 200 ema will also act as a support i.e. 21430.
Support levels :- 21500, 21430. 21350
Chances are there that market can retest the support levels and if the last support levels of 21350 is breached, bearish trade targets can be 21020-21110.
Wait for opening of the market as much of the movement is decided after the price action.
Nota
There is a huge bearish engulfing candle on the daily charts. Engulfing almost every candle of last week.
A 1.5% fall in the index after a gap up opening confirms the bearish trend and chance are there will be another red candle on the charts.
If there is a gap up opening, it would be a confusion state and volatile movement.
Wait for a price action in gap up and let the market.
Bearish targets. :- 21020-21000, 20860
On the up side there are resistances around 21300 and 21450 zone.
Now the market is of sell on rise. Wait for the price action near the levels and enter only a confirm trade with a proper R:R ratio.
Nota
Nifty has given a nice closing and remained in bullish mode in the second half of the trading session.
It has closed above the resistance zone of 21450. If the market moves up, it will face resistance around 21550 and 21720 zone.
Wait for the market to decide where it will move.
Support around :- 21220, 21020-21100
Market has given a nice move. Tomorrow is monthly expiry, if it consolidate in the first half, second half movement can be capture.
Wait for the price action near the levels before entering the market.
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