Nifty daily analysis for 22/08/23.

NSE:NIFTY   Nifty 50 Index
Today the markets tried to move in the upward direction but nifty constantly struggled to cross 19400 level as there is also 61.8% fibonacci level.

Nifty tried to cross the level but couldn't sustain above it. The market has closed around 61.8% fib level and if the market again go for a dip it will be a chance to short the markets.

On the hourly charts, market formed a grave stone doji and recovered forming a marubozu candle but remained range bound in the second half of the session.

Though the market has given a break out of 20 ema but has taken a serious rejection from 200 ema. Tried not enter any bullish trades until the market starts trading above the moving averages.

On 15 minutes charts too, market took resistance from the moving average and has closed below both the moving averages.

Support :- 19360, 19260
Resistance :- 19460, 19550

During the last hour, there was a sell off and there are chance of market going for another dip. Even the global market are also showing some negativity at present.

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


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