Nifty weekly analysis for 23/01/24.Nifty on weekly and daily time frame has formed a engulfing candle and chance are there of market going down if it breaks below 21500 level for intraday.
It has been taking support from the daily 20 moving average and rejection from 50% fibonacci level.
If market tries to move up side it will hit the resistance levels of 21800. In case the level is crossed and sustained, it can test 22000 level.
Up move targets :- 21800, 21970.
On the other hand, market can test the support levels of 21500 and 21350.
Even the hourly 200 ema will also act as a support i.e. 21430.
Support levels :- 21500, 21430. 21350
Chances are there that market can retest the support levels and if the last support levels of 21350 is breached, bearish trade targets can be 21020-21110.
Wait for opening of the market as much of the movement is decided after the price action.
