Nifty on weekly time frame has respected its 0.382 fib levels and retraced.
On daily time frame, it has closed below its moving averages and properly took resistance from its 200 ema.
There is a moving averages bearish crossover on hourly time frame and even the daily time frame evening star pattern shows some bearishness.
Support :- 16000, 15920
Resistance :- 16300, 16380-400, 16480
Markets look weak on multiple time frame and can even go down to test new lows.
Wait for the price action near the levels before entering the markets.
On daily time frame, it has closed below its moving averages and properly took resistance from its 200 ema.
There is a moving averages bearish crossover on hourly time frame and even the daily time frame evening star pattern shows some bearishness.
Support :- 16000, 15920
Resistance :- 16300, 16380-400, 16480
Markets look weak on multiple time frame and can even go down to test new lows.
Wait for the price action near the levels before entering the markets.
