Nifty daily analysis for 26/09/23.
Güncellendi
Nifty has formed a perfect doji on the daily charts after testing 61.8% fibonacci levels. It is trading below the 20 ema.
The market has given a nice fall after forming a new ATH and is now giving a consolidation.
On the hourly charts, it has closed below both the moving averages and is taking resistance from 200 ema. There are chance of a cross over.
There was a nice consolidation in the market and there was a good move in both the directions. This confusing market will take the profits and even cause more losses.
It would be wise to wait and watch for a trending move in the markets.
Support :- 19600, 19500
Resistance :- 19730, 19800
Wait for the price action near the levels before entering the market.
The market has given a nice fall after forming a new ATH and is now giving a consolidation.
On the hourly charts, it has closed below both the moving averages and is taking resistance from 200 ema. There are chance of a cross over.
There was a nice consolidation in the market and there was a good move in both the directions. This confusing market will take the profits and even cause more losses.
It would be wise to wait and watch for a trending move in the markets.
Support :- 19600, 19500
Resistance :- 19730, 19800
Wait for the price action near the levels before entering the market.
Not
Nifty is yet to test the support level around 19500.There are chance of market creating opportunity around 19600 retest level after a fall.
Support :- 19500, 19435
Watch for a price action near the levels. Trade only perfect setup.
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