Nifty weekly levels for intraday trading 08/01/24.
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Weekly candle is a doji and has closed near the previous candle close.
Nifty is in a bull run. There will be some movement around the ATH of the market.
It has closed just 20 points lower on the weekly charts.
61.8% fib levels is still around the daily close. The market has been consolidating and can continue to consolidate.
Major upside resistance :-21820(ATH)
Supports are ther in the market around :-21640, 21585
A downtrend will be confirmed only once the market starts closing below 21500 levels.
The last hour candle is showing positive sentiment and trade only on price action with calculated risk.
Nifty is in a bull run. There will be some movement around the ATH of the market.
It has closed just 20 points lower on the weekly charts.
61.8% fib levels is still around the daily close. The market has been consolidating and can continue to consolidate.
Major upside resistance :-21820(ATH)
Supports are ther in the market around :-21640, 21585
A downtrend will be confirmed only once the market starts closing below 21500 levels.
The last hour candle is showing positive sentiment and trade only on price action with calculated risk.
Note
A nice bearish engulfing candle on the daily charts is a serious candle and the RSI indicator is showing some divergence.
Gap up or flat opening can help in getting a opportunity to short sell the market below the major support level of 21500.
Fibonnaci and price action levels are coinciding.
Major support levels :- 21420, 21300
Market has tested 21500 many time which shows the support is getting weak. If it starts trading below the level, bearish trades can be initiated with a proper risk management.
Note
An inside candle is formed on the daily charts.
If it starts trading below the support levels, it is a shorting opportunity in Nifty.
It has closed flat to positive.
Major support and resistance levels remain same.
Watch for a proper setup and price action near the levels.
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