Nifty daily analysis for 02/01/23.
The new monthly session has began and the markets have shown some weakness on the monthly time frame as a bearish engulfing candle is formed.
A serious rejection from 38.2% fib level on the weekly time frame is there.
The market has taken a resistance from 20 DMA and closed around 18100 levels.
On the hourly time frame, the market opened near the 200 ema and sell off was there from the moving average.
The market has been trading near the high and a Lower High Lower Low formation on the higher time frame show some negativity.
On the 15 minute time frame, the market has closed below both the moving averages and market can open lower.
Support :- 18060-80, 18000
Resistance :- 18175, 18230
Wait for the price action near the level before entering the markets.
A serious rejection from 38.2% fib level on the weekly time frame is there.
The market has taken a resistance from 20 DMA and closed around 18100 levels.
On the hourly time frame, the market opened near the 200 ema and sell off was there from the moving average.
The market has been trading near the high and a Lower High Lower Low formation on the higher time frame show some negativity.
On the 15 minute time frame, the market has closed below both the moving averages and market can open lower.
Support :- 18060-80, 18000
Resistance :- 18175, 18230
Wait for the price action near the level before entering the markets.
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