Nifty daily analysis for 18/10/23.
Nifty is still unable to trade above the resistance levels of 19850. After a gap up opening the market came for selling and consolidated around the level.
There was a sell off in the second half, taking support around the support level as well as the 20 ema on the hourly charts.
Market gave a nice move but there was no follow through in the markets. The markets are holding on the higher levels which signifies there will be a break out trade in the coming days.
Of the major trend the market has crossed and sustain above the 50% fibonacci level but it is unable to test 61.8% levels.
On the 15 minute charts, the market tried to sustain the higher levels and in the second half it started trading below the 20 ema.
Support :- 19780, 19730
Resistance :- 19840, 19900
Wait for the price action near the levels before entering the market.
There was a sell off in the second half, taking support around the support level as well as the 20 ema on the hourly charts.
Market gave a nice move but there was no follow through in the markets. The markets are holding on the higher levels which signifies there will be a break out trade in the coming days.
Of the major trend the market has crossed and sustain above the 50% fibonacci level but it is unable to test 61.8% levels.
On the 15 minute charts, the market tried to sustain the higher levels and in the second half it started trading below the 20 ema.
Support :- 19780, 19730
Resistance :- 19840, 19900
Wait for the price action near the levels before entering the market.
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