Nifty has been trading in the bearish zone and might be this is the retest as it has closed around 61.8% fib level.
Market has taken support from the previous low of around 21800 and recovered closing around 22300 levels.
There was a consolidation after a gap up opening and it closed around the opening price. If the market gives a gap down opening, there will be chance of bearish move as the market recovered quickly from the low.
Major support levels :- 22160-230, 22000 (round number)
The market on the hourly charts has closed above both the moving averages which shows some positiveness in the market.
Resistance levels :- 22500, 22620
Wait for the price action near the levels before entering the market.
Gaps can alter the trading plan. Watch the price action around the levels and trade accordingly.
Market has taken support from the previous low of around 21800 and recovered closing around 22300 levels.
There was a consolidation after a gap up opening and it closed around the opening price. If the market gives a gap down opening, there will be chance of bearish move as the market recovered quickly from the low.
Major support levels :- 22160-230, 22000 (round number)
The market on the hourly charts has closed above both the moving averages which shows some positiveness in the market.
Resistance levels :- 22500, 22620
Wait for the price action near the levels before entering the market.
Gaps can alter the trading plan. Watch the price action around the levels and trade accordingly.
