Nifty weekly analysis for 21/08/23.

NSE:NIFTY   Nifty 50 Index
Nifty of consecutive four weeks have been forming a red candle and is making a support zone around 19250-300 levels.

Market has tested another low this week but there is some buying happening around 19250 levels and it has been tested twice this week.

On daily charts, market has formed another doji which signifies a confusion in the markets. Nifty has been trading below 20 ema.

Nifty is around a crucial levels, if the support zone of 19250 is also breached then there are chances of market going to 18900-19000 levels as there is no support near by.

On the hourly charts, there is a bearish moving averages cross over and market is taking serious rejection from 200 and 20 EMAs.

Market is being volatile to sideways and there are chance of a trending market as it has been trading in a very small range.

Support :- 19260, 19180, 19000
Resistance :- 19360, 19460

Gap up and gap down are limiting opportunities for an intraday trader. Watch markets carefully and let market decide the trend.

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


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