Nifty daily analysis for 23/08/23.

NSE:NIFTY   Nifty 50 Index
Today the market has killed the option buyer as it has consolidated in a small range of 60-70 poits.

Nifty has formed a halt candle and has closed flat on the daily charts.

On the hourly chart, nifty traded in between the moving averages, taking resistance from 200 ema and support from 20 ema.

A good consolidation is going on in the market and trend market is nearby.

On 15 minutes chart, moving averages are close enough and market has closed below both the moving averages.

Support :- 19360-80, 19300
Resistance :- 19480, 19550

Nifty has formed a support around 19400 levels and there are chance of market finally deciding the trend as it has been in consolidation phase for 3-4 trading session.

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


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