Nifty daily analysis for 06/01/23.
Nifty has closed near the crucial level of 18k and has tested 17900 level today.
Market remained in a bearish mode and formed a beautiful lower high lower low pattern.
On the hourly time frame, the market couldn't cross the 20 ema and traded below the moving averages.
The market has respected the 20 ema, 15 minute charts, and took rejection from it. In the closing hour of the session market regained some points and closed between both the moving averages.
Support :- 17950, 17900
Resistance :- 18030, 18125-30
The market can test lower levels as the global markets are showing some weakness.
Wait for the price action near the level before entering the markets.
Market remained in a bearish mode and formed a beautiful lower high lower low pattern.
On the hourly time frame, the market couldn't cross the 20 ema and traded below the moving averages.
The market has respected the 20 ema, 15 minute charts, and took rejection from it. In the closing hour of the session market regained some points and closed between both the moving averages.
Support :- 17950, 17900
Resistance :- 18030, 18125-30
The market can test lower levels as the global markets are showing some weakness.
Wait for the price action near the level before entering the markets.
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