Nifty weekly analysis for 02/02/23.
The budget day volatility has created a long wick doji and a big range of 600 points in nifty. The market has closed between both the moving averages.
In the first half the market consolidated and has given both side move after the break out of the zone.
On the hourly charts, the market has closed below both the moving averages.
Nifty has closed almost flat and the option premiums are now stable. The budget has pumped up the premiums.
The violent move has created a confusion and tomorrow being an expiry will be difficult to trade.
Support :- 17560, 17436
Resistance :- 17687, 17817
The global markets are showing some negative intent and if nifty starts trading below 17430 levels, bearish trades can be initiated as there is a gap pending.
Wait for the price action near the levels before entering the markets.
In the first half the market consolidated and has given both side move after the break out of the zone.
On the hourly charts, the market has closed below both the moving averages.
Nifty has closed almost flat and the option premiums are now stable. The budget has pumped up the premiums.
The violent move has created a confusion and tomorrow being an expiry will be difficult to trade.
Support :- 17560, 17436
Resistance :- 17687, 17817
The global markets are showing some negative intent and if nifty starts trading below 17430 levels, bearish trades can be initiated as there is a gap pending.
Wait for the price action near the levels before entering the markets.
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