Nifty daily analysis for 04/10/23.

NSE:NIFTY   Nifty 50 Index
Nifty on the daily charts, has been trading below the 20 ema and has been closing in a same range of a few trading sessions.

A retracement and a consolidation is going on and market are yet to decide which side to move.

On the hourly charts, market remained inside the first hour candle and has closed below both the moving averages.

The market has closed near the 20 ema, on 15 minute time frame.

Support :- 19500, 19250
Resistance :- 19560, 19730

There are chances of market giving a trending move as it has consolidated in a range for 4-5 trading session.

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


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