FinNifty weekly expiry analysis for 22/08/23.
FinNifty has been trading in a range for last 3-4 session and tomorrow being an expiry there can a trending move.
A morning star pattern is there on the daily charts but the resistance level of 19600 is still being respected. If the market starts trading above the level there will be a nice up move as it has consolidated.
On the hourly charts, market has given a breakout of 20 ema and is retesting the levels.
In the second half of the trading session market remained in a range and lost some gain.
On 15 minutes charts, it has closed below both the moving averages and even the RSI is showing some negativity.
Support :- 19500, 19440, 19320
Resistance :- 19615, 19670
There are resistances in the short range and market has to clear these resistances in order to form a bullish trend. Still the trend is not clear and scalp trades can be done until the market give some confirmation of the trend.
Wait for the price action near the level before entering the market.
A morning star pattern is there on the daily charts but the resistance level of 19600 is still being respected. If the market starts trading above the level there will be a nice up move as it has consolidated.
On the hourly charts, market has given a breakout of 20 ema and is retesting the levels.
In the second half of the trading session market remained in a range and lost some gain.
On 15 minutes charts, it has closed below both the moving averages and even the RSI is showing some negativity.
Support :- 19500, 19440, 19320
Resistance :- 19615, 19670
There are resistances in the short range and market has to clear these resistances in order to form a bullish trend. Still the trend is not clear and scalp trades can be done until the market give some confirmation of the trend.
Wait for the price action near the level before entering the market.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.