Nifty weekly analysis for 06/03/23.
The monthly candle for the month of February has given a close around 17300 levels. Though, the current weekly candle is showing some positivity there are chances of a retest of 50% fib levels.
Nifty is trading below the 20 ema on the weekly time frame.
On the daily time frame, the market has closed near 38.2% fibonnaci levels and nifty has taken resistance from the 20 ema. The market has been facing resistance from the moving averages and
The market has formed a new lower low. If the low is sustained and no other low is formed, there are chance of market reversing the trend. Let the market cross the previous swing high and sustain above 18k levels.
On the hourly time frame, the market has created a consolidation zone and given a break out taking resistance around 17600 levels. Nifty has closed between both the moving averages.
There is a bullish moving average cross over on 15 minutes charts.
Support :- 17450, 17300
Resistance :- 17600-15, 17750
Wait for the price action near the levels before entering the markets.
Nifty is trading below the 20 ema on the weekly time frame.
On the daily time frame, the market has closed near 38.2% fibonnaci levels and nifty has taken resistance from the 20 ema. The market has been facing resistance from the moving averages and
The market has formed a new lower low. If the low is sustained and no other low is formed, there are chance of market reversing the trend. Let the market cross the previous swing high and sustain above 18k levels.
On the hourly time frame, the market has created a consolidation zone and given a break out taking resistance around 17600 levels. Nifty has closed between both the moving averages.
There is a bullish moving average cross over on 15 minutes charts.
Support :- 17450, 17300
Resistance :- 17600-15, 17750
Wait for the price action near the levels before entering the markets.
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