Nifty daily analysis for 08/12/22

NSE:NIFTY   Nifty 50 Index
Nifty on the hourly time frame has been following a nice lower high lower low pattern and has given a bearish engulfing pattern on the daily time frame.

The market on the hourly time frame has been trading below the 20 ema and gave a nice selling candle in the closing hour of the session.

On 15 minute time frame, there is a bearish moving average cross over.

Support :- 18550, 18450
Resistance :- 18570, 18615

Nifty is showing some weakness and banknifty is taking a halt.

The market can be volatile as there is gujrat election results.

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


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