Nifty monthly expiry analysis for 31/08/23.
Again nifty after a gap up opening couldn't sustain above the 20 ema and in the second half of the trading session came for selling, closing flat.
On the hourly time frame, market took support from 200 ema and showed some positivity but couldn't sustain and came for selling closing below both the moving averages.
Market has reversed after testing the 61.8% fib levels and the sell off good in volumes. The market has closed around the day low.
Tomorrow being a monthly expiry there are chance of a trending market as the market has been in a consolidation phase.
Even on the 15 minute time frame, the market has closed below both the moving averages.
Nifty was stronger than the other index. The sell off was a trending one and if continues for selling then it will be a short term downtrend.
Support :- 19310, 19250, 19180
Resistance :- 19360, 19410,19470
The market has resistances in a small range which will be difficult for the market to break.
Wait for the price action near the levels before entering the market.
On the hourly time frame, market took support from 200 ema and showed some positivity but couldn't sustain and came for selling closing below both the moving averages.
Market has reversed after testing the 61.8% fib levels and the sell off good in volumes. The market has closed around the day low.
Tomorrow being a monthly expiry there are chance of a trending market as the market has been in a consolidation phase.
Even on the 15 minute time frame, the market has closed below both the moving averages.
Nifty was stronger than the other index. The sell off was a trending one and if continues for selling then it will be a short term downtrend.
Support :- 19310, 19250, 19180
Resistance :- 19360, 19410,19470
The market has resistances in a small range which will be difficult for the market to break.
Wait for the price action near the levels before entering the market.
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