Nifty daily analysis for 10/08/23.

NSE:NIFTY   Nifty 50 Index
A clear bullish engulfing candle and a dragon fly doji on the daily charts shows some bullishness in the indian markets.

Nifty has given a U shape recovery today, after crossing 19530 levels market looked good for selling but it reversed after 100 points fall from the day high.

Today's market was totally unpredictable as it started consolidating after the fall and slowly moved in the upper direction.

On the hourly charts, market after breaching 20 ema almost touched 200 ema and reversed. The last hour candle shows some positive signs and chance are there that market fills the gap on the upper side.

The bearish moving averages cross over, on 15 minutes chart, gave some movement on the downside but couldn't sustain the trend and it reversed quickly.

Support :- 19470, 19400
Resistance :- 19680, 19730, 19850

Seller were loaded in the morning but buyer tookover and closed the market 60 points higher.

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


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