Nifty weekly analysis for 20/03/23.
Nifty on the weekly time frame has given a lower wick rejection and closed above the 17000 levels. It has been trading below the 20 ema.
There is a bearish moving averages cross over on the daily charts. There are chances of market retesting the moving averages and giving another sell leg. For the last 2 trading session the market has been forming dragon fly doji showing some positive sentiments.
On the hourly charts, the market has shown a 'v' shape recovery and has closed above the 20 ema. Even the RSI indicator is showing some bullish divergence, market can continue the up. Wait for the market to form higher high higher low formation for any bullish entries. Otherwise, sell on rise will be the strategy for the time being.
On 15 minutes chart, the market has closed between both the moving averages (20 and 200 ema).
Support :- 16970, 16850
Resistance :- 17190, 17300-20
Wait for the price action near the price levels before entering the markets.
There is a bearish moving averages cross over on the daily charts. There are chances of market retesting the moving averages and giving another sell leg. For the last 2 trading session the market has been forming dragon fly doji showing some positive sentiments.
On the hourly charts, the market has shown a 'v' shape recovery and has closed above the 20 ema. Even the RSI indicator is showing some bullish divergence, market can continue the up. Wait for the market to form higher high higher low formation for any bullish entries. Otherwise, sell on rise will be the strategy for the time being.
On 15 minutes chart, the market has closed between both the moving averages (20 and 200 ema).
Support :- 16970, 16850
Resistance :- 17190, 17300-20
Wait for the price action near the price levels before entering the markets.
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