Nifty daily analysis for 14/07/23.
Indian market are forming new ATH but are unable to sustain at the higher levels. On the daily time frame, the market has formed a red candle at the higher levels and is still respecting 19400 levels.
Market opened gap up and gained an up side momentum in the initial hour. The market consolidated on the higher levels and there was a sell in the second half losing 150 points from day high.
On the hourly charts, market is not closing above the 20 ema. Though, the market tried to hold the upper level but seller took charge and a trending market was there.
Nifty is respecting a trend line and today also took support from it and recover.
Support :- 19400, 19320
Resistance :- 19520-560
New All Time High has been formed but still market trend is vague. If market start trading below the trend line or above the previous day high, a trending market can be seen.
Wait for the price action near the levels before entering the market.
Market opened gap up and gained an up side momentum in the initial hour. The market consolidated on the higher levels and there was a sell in the second half losing 150 points from day high.
On the hourly charts, market is not closing above the 20 ema. Though, the market tried to hold the upper level but seller took charge and a trending market was there.
Nifty is respecting a trend line and today also took support from it and recover.
Support :- 19400, 19320
Resistance :- 19520-560
New All Time High has been formed but still market trend is vague. If market start trading below the trend line or above the previous day high, a trending market can be seen.
Wait for the price action near the levels before entering the market.
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