Nifty daily analysis for 06/10/23.

NSE:NIFTY   Nifty 50 Index
The market are in a volatile mood and after an initial move it is holding on the levels creating less opportunities for option buyers.

This week's expiry remained volatile and on the daily charts, nifty is trading below the 20 ema. It has formed a doji candle after a gap up opening.

On the hourly charts, market has remained in a range and consolidated in a 100 points range. Though, the market has closed 110 points higher but there was no trading opportunity today.

Consolidation phase is still on for the markets and a trend move is still awaited. If nifty starts trading above 19750 or below 19250 there will be a trending market else market will remain volatile and killing the profits of option buyers.

On 15 minute charts, market traded between both the moving averages and closed taking the support of 20 ema.

Support :- 19500, 19350
Resistance :- 19560, 19730

Markets are giving gap up and gap down on the crucial levels and are not contining with a trend move. A follow through of any side is required in the market to form a mindset of the trend.

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


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