Nifty weekly expiry analysis for 13/06/2024.Nifty for the last 3 trading session has been forming doji candle around the higher levels.
The market is holding the upper levels but is not moving much above the previous day high. Single hourly candle is giving a move and after that there are many halt candles.
Sentiments are looking negative as the RSI is showing a bearish divergence and market is unable to hold the higher levels.
Major support levels :- 23235, 23160
Nifty is still trading above the moving averages. Moving averages strategy may trigger and can give the targets.
If nifty starts trading below the first support zone, a bearish entry can be made with the target of next support zone.
In case of a gap up opening, today's high will act as the resistance and in case is starts trading above the high, bullish trade with 50-60 points as SL can be carried in less quantity.
There are chance of a retracement in the market. If there is a gap down opening below the support zone, wait for the market to get rejection from the zone and trade accordingly.
Wait for the price action near the levels before entering the market.
