Nifty daily analysis for 13/01/23.
Nifty on the daily time frame has given another doji after retesting the support level of 17800.
The market has tested the weekly 50% fib level(i.e. 17820) many times. Tomorrow if the market closed below it, on weekly time frame it will close below fib level and test 17660 levels.
On the hourly time frame the market, remained volatile closed near the resistance zone and 61.8% Fib level.
Market has been following a bearish trend, making lower highs but is taking a support around 17800 levels. There is a supply zone around the level which pushes the market up.
The market, on 15 minute chart, has closed between both the moving averages.
Support :- 17780-800, 17730
Resistance :- 17880, 17930, 1970
The market has been trading in a range for quite some time. Either side move can be seen in the market as today market has given a confusion candle.
Wait for the price action near the price level before entering the market.
The market has tested the weekly 50% fib level(i.e. 17820) many times. Tomorrow if the market closed below it, on weekly time frame it will close below fib level and test 17660 levels.
On the hourly time frame the market, remained volatile closed near the resistance zone and 61.8% Fib level.
Market has been following a bearish trend, making lower highs but is taking a support around 17800 levels. There is a supply zone around the level which pushes the market up.
The market, on 15 minute chart, has closed between both the moving averages.
Support :- 17780-800, 17730
Resistance :- 17880, 17930, 1970
The market has been trading in a range for quite some time. Either side move can be seen in the market as today market has given a confusion candle.
Wait for the price action near the price level before entering the market.
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