Nifty has formed an inside candle on the daily charts and has closed 76 points higher near the previous day high.
It gave a bullish move and consolidated in the second half while banknifty kept on moving higher and higher. It is already trading near the ATH and tomorrow being a weekly expiry there can be a retracement on the chart.
On the hourly charts, there was a nice support from 19940 levels and it tried to give a move after a consolidation period.
During the initial hours the market was volatile and it traded around 15 minute's 20 ema. It has created a base around 19940 levels and has also taken support fromt the moving averages in the last hour.
There are chance of market taking a halt as it has given a nice up move without any serious retracement.
Support :- 20020, 19940
Resistance :- 20110, 20200
Nifty has travelled alot and is now being at the ATH its difficult for it to sustain longer without a retest. Watch for option premiums as it weekly expiry for nifty.
Wait for the price action near the levels before entering the market.
It gave a bullish move and consolidated in the second half while banknifty kept on moving higher and higher. It is already trading near the ATH and tomorrow being a weekly expiry there can be a retracement on the chart.
On the hourly charts, there was a nice support from 19940 levels and it tried to give a move after a consolidation period.
During the initial hours the market was volatile and it traded around 15 minute's 20 ema. It has created a base around 19940 levels and has also taken support fromt the moving averages in the last hour.
There are chance of market taking a halt as it has given a nice up move without any serious retracement.
Support :- 20020, 19940
Resistance :- 20110, 20200
Nifty has travelled alot and is now being at the ATH its difficult for it to sustain longer without a retest. Watch for option premiums as it weekly expiry for nifty.
Wait for the price action near the levels before entering the market.
