Nifty weekly analysis for 30/10/23.

NSE:NIFTY   Nifty 50 Index
Nifty has given a green candle after a fall of more than 3% in the week.

It is given a retracement after the fall and the fall may continue as global sentiment are also showing negativity.

Moving averages are also showing bearishness as nifty has closed below Weekly 20 ema but took support from daily 200 ema. If the daily level is broken, selling may continue.

The market has recover 1% in the last trading session and closed above 19k levels.

In the hourly charts, there was a resistance from 20 ema and entire day it couldn't close above the level.

Support :- 18870, 18720, 18650
Resistance :- 19080, 19250, 19420

The markets are unpredictable, there are chances of showing some retracement continuation and testing 19250 levels or open gap down and giving another selling leg.

Wait for the setup and price levels. Option buyer can take a overnight bearish trade if there is a selling tomorrow.


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