Nifty daily analysis for 29/08/23.
Nifty is still forming doji after doji. The market on the daily time frame is still below the moving average and in sideways mood.
On the hourly charts, market tested the support zone and tried to move up but took resistance from the 20 ema and gave a retracement after touch the levels. There is also an evening star pattern there.
Market slow tried to move upper but couldn't give some conviction as there was a rejection from 20 ema (60 minute) and 38.2% levels.
On 15 minute charts, nifty has closed below both the moving averages and is taking support around 19300 levels.
The market are showing some negative sentiments as it is taking resistance from the key levels.
Support :- 19250, 19180, 19000
Resistance :- 19380, 19480
Wait for the price action near the levels before entering the market.
On the hourly charts, market tested the support zone and tried to move up but took resistance from the 20 ema and gave a retracement after touch the levels. There is also an evening star pattern there.
Market slow tried to move upper but couldn't give some conviction as there was a rejection from 20 ema (60 minute) and 38.2% levels.
On 15 minute charts, nifty has closed below both the moving averages and is taking support around 19300 levels.
The market are showing some negative sentiments as it is taking resistance from the key levels.
Support :- 19250, 19180, 19000
Resistance :- 19380, 19480
Wait for the price action near the levels before entering the market.
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