Nifty weekly analysis for 06/02/23.
Nifty on the weekly time frame has taken resistance from 61.8% fibonacci levels and closed near the 20 ema.
The market has showed some recovery from the lower levels and has given a nice candle.
On the daily time frame, the market has taken support from the 200 ema and closed near the 20 ema. There is dragon fly doji and if the market closed above the 17920 levels, there may be a trend change.
Even on the hourly charts, the market has closed between both the moving averages.
The moving averages, on 15 minutes chart, are close enough and can give a bullish moving averages cross over.
Support :- 17750, 17620
Resistance :- 17940, 18080
The market has given a 1.5% move in a week and if the markets closes above 18200 level on the weekly charts, the market will form a new high.
Wait for the price action near the levels before entering the markets.
The market has showed some recovery from the lower levels and has given a nice candle.
On the daily time frame, the market has taken support from the 200 ema and closed near the 20 ema. There is dragon fly doji and if the market closed above the 17920 levels, there may be a trend change.
Even on the hourly charts, the market has closed between both the moving averages.
The moving averages, on 15 minutes chart, are close enough and can give a bullish moving averages cross over.
Support :- 17750, 17620
Resistance :- 17940, 18080
The market has given a 1.5% move in a week and if the markets closes above 18200 level on the weekly charts, the market will form a new high.
Wait for the price action near the levels before entering the markets.
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