Nifty weekly levels for intraday trading 08/01/24.

7 thg 1

Weekly candle is a doji and has closed near the previous candle close.

Nifty is in a bull run. There will be some movement around the ATH of the market.

It has closed just 20 points lower on the weekly charts.

61.8% fib levels is still around the daily close. The market has been consolidating and can continue to consolidate.

Major upside resistance :-21820(ATH)

Supports are ther in the market around :-21640, 21585

A downtrend will be confirmed only once the market starts closing below 21500 levels.

The last hour candle is showing positive sentiment and trade only on price action with calculated risk.

8 thg 1

Ghi chú

A nice bearish engulfing candle on the daily charts is a serious candle and the RSI indicator is showing some divergence.

Gap up or flat opening can help in getting a opportunity to short sell the market below the major support level of 21500.

Fibonnaci and price action levels are coinciding.

Major support levels :- 21420, 21300

Market has tested 21500 many time which shows the support is getting weak. If it starts trading below the level, bearish trades can be initiated with a proper risk management.

9 thg 1

Ghi chú

An inside candle is formed on the daily charts.

If it starts trading below the support levels, it is a shorting opportunity in Nifty.

It has closed flat to positive.

Major support and resistance levels remain same.

Watch for a proper setup and price action near the levels.