Nifty daily analysis for 04/08/23.
Nifty on the daily charts has given a doji and closed below 20 ema. The market remained for selling from the initial hour.
Due to the weekly expiry today there was buying in the closing hour and market closed below both the moving averages on the hourly charts.
The market for 2 day has lost 350 points or 1.8%. Today nifty touched 19300 levels and reversed from the levels closing at 19381.
On 15 minutes charts, it took rejection from 20 ema and gave a fall of around 1% from the levels.
Support :-19300, 19200
Resistance :- 19420, 19550
The market has given a nice fall after consolidating and forming a bearish flag and pole pattern.
Bearish or sideways market can be there. Wait for the price action near the levels before entering the market.
Due to the weekly expiry today there was buying in the closing hour and market closed below both the moving averages on the hourly charts.
The market for 2 day has lost 350 points or 1.8%. Today nifty touched 19300 levels and reversed from the levels closing at 19381.
On 15 minutes charts, it took rejection from 20 ema and gave a fall of around 1% from the levels.
Support :-19300, 19200
Resistance :- 19420, 19550
The market has given a nice fall after consolidating and forming a bearish flag and pole pattern.
Bearish or sideways market can be there. Wait for the price action near the levels before entering the market.
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