Nifty weekly analysis for 11/09/23.
Nifty has given a nice bullish move of 2% on the weekly charts and has closed above 19800 levels.
There is a nice bullish marubozu candle on the weekly charts and it has come after a consolidation.
On the daily charts, market hit our targets on 19850 and reversed after hitting the target and has closed 92 points high forming a doji candle on the high.
Nifty has travelled nicely giving retest and moving higher. Indian market looks bullish and there are chance of nifty reaching the recent high.
On the hourly charts, there is a bullish flag and pole pattern and market has closed above both the moving averages.
On 15 minute charts, there is a clear depiction of consolidation and breakout and how it can give big target. Nifty gave break out and consolidated and continued the up move after another consolidation.
Support :- 19805, 19740
Resistance ;- 19860, 19970-90
No major resistance is there for nifty and can retest the recent high. If the market continues to travel after breaching the ATH, it can reach 20500 levels soon.
Wait for the price action near the levels before entering the market.
There is a nice bullish marubozu candle on the weekly charts and it has come after a consolidation.
On the daily charts, market hit our targets on 19850 and reversed after hitting the target and has closed 92 points high forming a doji candle on the high.
Nifty has travelled nicely giving retest and moving higher. Indian market looks bullish and there are chance of nifty reaching the recent high.
On the hourly charts, there is a bullish flag and pole pattern and market has closed above both the moving averages.
On 15 minute charts, there is a clear depiction of consolidation and breakout and how it can give big target. Nifty gave break out and consolidated and continued the up move after another consolidation.
Support :- 19805, 19740
Resistance ;- 19860, 19970-90
No major resistance is there for nifty and can retest the recent high. If the market continues to travel after breaching the ATH, it can reach 20500 levels soon.
Wait for the price action near the levels before entering the market.
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