Nifty daily analysis for 06/12/22.
The markets are volatile and on the daily time frame nifty has formed a dragon fly doji.
Nifty closed almost flat. After a initial sell off the market recovered and closed near 18700 levels.
The market has been trading near the 20 ema on the hourly time frame and on 15 minute time frame, there is a cup and handle pattern.
Nifty took support from 200 ema on smaller time frame and closed above both the moving averages.
Support :- 18640, 18550, 18450
Resistance :- 18720, 18780, 18850
The markets are halting and creating volatility near the higher levels.
Wait for the price action near the levels before entering the markets.
Nifty closed almost flat. After a initial sell off the market recovered and closed near 18700 levels.
The market has been trading near the 20 ema on the hourly time frame and on 15 minute time frame, there is a cup and handle pattern.
Nifty took support from 200 ema on smaller time frame and closed above both the moving averages.
Support :- 18640, 18550, 18450
Resistance :- 18720, 18780, 18850
The markets are halting and creating volatility near the higher levels.
Wait for the price action near the levels before entering the markets.
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