Nifty daily analysis for 03/08/23.
Nifty has been trading in a parallel channel and is respecting the channel on the daily charts as it has closed above the support line.
On the hourly charts, after testing the 200 ema, nifty reversed and closed above 19500 levels and between both the moving averages.
Market today was in a bearish trend from the moving and even after the gap down opening it continued to fall, giving a 1% bearish move on the daily charts.
On 15 minutes time frame, nifty closed below both the moving average. There is a cup formation during the second half of the session.
Support :- 19420, 19350
Resistance :- 19565, 19650
If nifty starts trading below 19350 levels, tomorrow being expiry gap filling trade can be seen along with retest to 19180 levels.
Wait for the price action near the levels before entering the market.
On the hourly charts, after testing the 200 ema, nifty reversed and closed above 19500 levels and between both the moving averages.
Market today was in a bearish trend from the moving and even after the gap down opening it continued to fall, giving a 1% bearish move on the daily charts.
On 15 minutes time frame, nifty closed below both the moving average. There is a cup formation during the second half of the session.
Support :- 19420, 19350
Resistance :- 19565, 19650
If nifty starts trading below 19350 levels, tomorrow being expiry gap filling trade can be seen along with retest to 19180 levels.
Wait for the price action near the levels before entering the market.
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