Nifty daily analysis for 11/08/23.

NSE:NIFTY   Nifty 50 Index
Market are very volatile and is killing profits for option buyer.

Today's market was good in the first half as it gave a nice bearish movement but got jittery in the second half.

Being expiry, no trending market was seen even in the closing hour and nifty closed 90 points lower forming another lower wick rejection doji.

On the daily charts, market is seriously taking support from the 20 ema and today after touching a low of 19495 it reversed immediately closing around the moving average.

The 10:15 AM candle was a good candle and a nice bearish move was seen, this candle lost 83 points and market traded in the range of this candle whole day.

On the hourly chart, 20 ema was creating confusion as it traded around it and closed just below the moving average.

Support :- 19480-500, 19420
Resistance :- 19550, 19600-30

Support and resistances are nearby as market is volatile and can reverse from any of the levels. Scalp trades and short selling is good in this kind of market as there no clear trend till now.

Market is closing in a small range. Clearly scenario will be there once it starts closing outside the range.

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


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