Nifty daily analysis for 16/01/23.
Nifty on the weekly time frame, has given a neutral doji and closed gaining 100 points.
The index has taken a good support around 17800 levels and during the last trading session closed near 17950 leves.
Though the market has been trading between both the moving averages, on daily charts but there is some positivity in the weekly close.
On the hourly charts, the market has formed a nice "W" pattern and a break out of 17900 levels. There is still a lower high equal low formation and once the market cross above 18130, bullish trades can be carried for swing.
On 15 minutes chart, the market has crossed both the moving averages and closed near the 200 ema.
Support :- 17930, 17870
Resistance :- 18030, 18130
The global markets are in a positive momentum and Indian market can follow global markets.
wait for the price action near the price level before entering the markets.
The index has taken a good support around 17800 levels and during the last trading session closed near 17950 leves.
Though the market has been trading between both the moving averages, on daily charts but there is some positivity in the weekly close.
On the hourly charts, the market has formed a nice "W" pattern and a break out of 17900 levels. There is still a lower high equal low formation and once the market cross above 18130, bullish trades can be carried for swing.
On 15 minutes chart, the market has crossed both the moving averages and closed near the 200 ema.
Support :- 17930, 17870
Resistance :- 18030, 18130
The global markets are in a positive momentum and Indian market can follow global markets.
wait for the price action near the price level before entering the markets.
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