Nifty has given a bearish engulfing candle and closed below the crucial level of 17k. The market gave a gap up opening but couldn't sustain the higher levels and finally sank to test the support zone around 17000.
On the hourly charts, the market has clearly taken resistance from the 20 ema and 38.2% fib levels.
There are higher chances of nifty testing the lower levels as the SGX nifty and Dow jones are trading in red. Look for the global markets were they settle at the end of the day.
Market is not getting any support from the levels as it is constantly struggle to find a strong support for reversal. The market is still for the sell on rise.
Support :- 16950, 16860, 16790
Resistance :- 17200, 17300
The market has been in the sell mode and tomorrow is weekly expiry. It can make a halt candle as it has already given 5 red candle.
Wait for the price action near the levels before entering the market.
On the hourly charts, the market has clearly taken resistance from the 20 ema and 38.2% fib levels.
There are higher chances of nifty testing the lower levels as the SGX nifty and Dow jones are trading in red. Look for the global markets were they settle at the end of the day.
Market is not getting any support from the levels as it is constantly struggle to find a strong support for reversal. The market is still for the sell on rise.
Support :- 16950, 16860, 16790
Resistance :- 17200, 17300
The market has been in the sell mode and tomorrow is weekly expiry. It can make a halt candle as it has already given 5 red candle.
Wait for the price action near the levels before entering the market.
