Nifty weekly view for 28/08/23.
Nifty on the weekly time frame has given a gravestone doji which shows some negativeity as it is sitting near the support levels of 19250 which has been tested many times. If market starts trading below the support level other supports are far enough to give a nice swing trades.
On the daily time frame, market opened gap down and has formed a doji candle closing 120 points lower. The market is looking somewhat bearish as the weekly candle is.
Market is trading below the 20 ema and has not crossed the previous swing high. The market tried to cross the moving averages by a break away gap buy couldn't sustain it and reversed falling around 200 point form day high.
On the hourly charts, it traded whole day below the moving averages and consolidated near the support zone. Market is consolidating in a range, break out or break down can give nice movement as a long consolidation is going on.
Nifty on close to close basis has been in a range of 250 points as it is respecting 19500 and 19250 levels. Bearish or bullish trend will only be decided once the market starts closing outside the range. Watch for the market close as there will be good targets to hit.
Support :- 19250, 19180, 19000
Resistance :- 19380, 19480
Supports are made near the day close as there can be a gap filling if there is a break down. Swing targets will be around 18880 as the market will retest the previous resistance zone.
Wait for the price action near the levels before entering the market.
On the daily time frame, market opened gap down and has formed a doji candle closing 120 points lower. The market is looking somewhat bearish as the weekly candle is.
Market is trading below the 20 ema and has not crossed the previous swing high. The market tried to cross the moving averages by a break away gap buy couldn't sustain it and reversed falling around 200 point form day high.
On the hourly charts, it traded whole day below the moving averages and consolidated near the support zone. Market is consolidating in a range, break out or break down can give nice movement as a long consolidation is going on.
Nifty on close to close basis has been in a range of 250 points as it is respecting 19500 and 19250 levels. Bearish or bullish trend will only be decided once the market starts closing outside the range. Watch for the market close as there will be good targets to hit.
Support :- 19250, 19180, 19000
Resistance :- 19380, 19480
Supports are made near the day close as there can be a gap filling if there is a break down. Swing targets will be around 18880 as the market will retest the previous resistance zone.
Wait for the price action near the levels before entering the market.
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