Nifty weekly expiry analysis for 07/09/23.
Nifty gave a nice move and the last hour candle gave a nice up move after showing some selling in the market.
There is a bullish engulfing candle on the daily charts and market is looking bullish as it has closed near day's high.
On the hourly time frame, the market tested the 20 ema and closed above both the moving averages. The volume of the last hour are also high and there are chance of market showing some bullishness.
Nifty consolidated in the first half, gave a downside trade and reversed making market bullish.
On 15 minute time frame, the market formed a base around 19500 levels and closed above both the moving averages.
Support :- 19500, 19430
Resistance :- 19650, 19730, 19785
Market for last 3 session has been following a trend of a selling and then closing near the day top. If the markets opening gap up, there are fair chance of market moving up wards as it will clear the crucial resistance zone.
Watch for the option premium as it will be weekly expiry.
Wait for the price action near the levels before entering the market.
There is a bullish engulfing candle on the daily charts and market is looking bullish as it has closed near day's high.
On the hourly time frame, the market tested the 20 ema and closed above both the moving averages. The volume of the last hour are also high and there are chance of market showing some bullishness.
Nifty consolidated in the first half, gave a downside trade and reversed making market bullish.
On 15 minute time frame, the market formed a base around 19500 levels and closed above both the moving averages.
Support :- 19500, 19430
Resistance :- 19650, 19730, 19785
Market for last 3 session has been following a trend of a selling and then closing near the day top. If the markets opening gap up, there are fair chance of market moving up wards as it will clear the crucial resistance zone.
Watch for the option premium as it will be weekly expiry.
Wait for the price action near the levels before entering the market.
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