Nifty weekly expiry analysis for 10/10/2024
Market has given a nice movement and for two days it remained in a range but is volatile.
There are chance of market either follow the bearish trend or form a 'W' pattern.
Nifty has closed around crucial levels from where it can either reverse the trend or continue falling.
Major support level :- 24760, 24600
Resistance level :- 25210, 25480
The weekly expiry can show a trending move after a break out or break down.
Wait for the price action near the levels before entering the market.
There are chance of market either follow the bearish trend or form a 'W' pattern.
Nifty has closed around crucial levels from where it can either reverse the trend or continue falling.
Major support level :- 24760, 24600
Resistance level :- 25210, 25480
The weekly expiry can show a trending move after a break out or break down.
Wait for the price action near the levels before entering the market.
Comment
Nifty today remained in a sideways momentum and after the initial volatility it remained flat.
50 ema is giving a good resistance on the daily front while 60 minute charts is trading around the 20 ema.
Possibility of a trend change (bearish trend) will be confirmed if a daily candle starts closing below 24750 level.
For a bullish trend to confirm either market should form a 'W' pattern or start trading above 25500 levels.
Major levels are still intact.
:)
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