Nifty weekly analysis for 27/02/23.
Nifty on the weekly time frame has closed below the 20 ema and formed an evening star pattern on the higher time frame.
Market has consolidated for 2 weeks and given a fall after the consolidation.
On the daily time frame, the market has constantly taking resistance from the 200 ema and given a close below it. Though, it has taken support from 17440 levels, but still markets look bearish.
Nifty has given a break down and a retest of the levels. The RSI indicator is also showing some bearish divergence on the higher time frame.
The market on 15 minute time frame, has closed below the moving averages and near the 20 ema.
Support :- 17430, 17330
Resistance :- 17480-500, 17590
The market has given a fall and consolidated this week which is good for traders. It can give good move either side but will prefer to trade bearish trades more often as the overall scenario looks bearish.
Wait for the price action near the levels before entering the markets.
Market has consolidated for 2 weeks and given a fall after the consolidation.
On the daily time frame, the market has constantly taking resistance from the 200 ema and given a close below it. Though, it has taken support from 17440 levels, but still markets look bearish.
Nifty has given a break down and a retest of the levels. The RSI indicator is also showing some bearish divergence on the higher time frame.
The market on 15 minute time frame, has closed below the moving averages and near the 20 ema.
Support :- 17430, 17330
Resistance :- 17480-500, 17590
The market has given a fall and consolidated this week which is good for traders. It can give good move either side but will prefer to trade bearish trades more often as the overall scenario looks bearish.
Wait for the price action near the levels before entering the markets.
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