Nifty50 weekly expiry analysis for14/08/24.

Nifty is trading in a parallel channel and is around the support trendline. From the last week sell the markets recovered and are now again around the lower levels.

Daily 20 ema has been creating a resistance for the market and a good rejection is seen from that level.

Even on the smaller time frame, market is trading below the moving averages, which signifies a bearish market.

Fibonnaci and the price action are also looking bearish on the daily charts.

Tomorrow is the weekly expiry for both the indices and a chance of seeing a follow through candle are there, if there is a flat to slight gap up opening (around 24150-180).

A huge gap up will create confusion and market may form a doji candle.

Major support levels :- 24090, 24000, 24910
Resistance levels :- 24225, 24320

Wait for the price action near the levels before entering the market.