Nifty daily analysis for 28/07/23.
A bearish engulfing candle on the daily time frame is showing some negative mood in the market but it is taking support from 19630 levels.
Not a single green candle is formed on the hourly charts and market fell around 200+ points from the day high, closing 120 points lower or 0.6%.
On the hourly charts, market is trading around the 20 ema and has again closed below the level after a nice gap up opening.
RSI indicator is too showing bearish divergence on the daily charts. Even on the smaller time frame, there was a divergence and the option premium on the Put side increased by 9 times from the day low.
Support :- 19630, 19570
Resistance :- 19700, 19860
The monthly expiry day gave a nice trending market and was a day of option buyers. From the first hour candle there was a fall and it continued till the close of the market.
Wait for the price action near the levels before entering the market.
Not a single green candle is formed on the hourly charts and market fell around 200+ points from the day high, closing 120 points lower or 0.6%.
On the hourly charts, market is trading around the 20 ema and has again closed below the level after a nice gap up opening.
RSI indicator is too showing bearish divergence on the daily charts. Even on the smaller time frame, there was a divergence and the option premium on the Put side increased by 9 times from the day low.
Support :- 19630, 19570
Resistance :- 19700, 19860
The monthly expiry day gave a nice trending market and was a day of option buyers. From the first hour candle there was a fall and it continued till the close of the market.
Wait for the price action near the levels before entering the market.
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