Nifty daily analysis for 07/12/22.
Nifty is showing some retracement and has closed near to 50% fib level on daily time frame.
The market has closed losing only 58 points and above 18600 level.
On the hourly time frame, the market consolidated whole day and has given a break out of day's high in the last hour of the session.
The market, on 15 minute time frame, has traded around both the moving averages creating high volatile market and closed above both the moving averages.
Support :- 18640, 18590-550, 18450
Resistance :- 18720, 18780
The election results are near which can create a volatile market in the coming days.
Wait for the price action near the price levels before entering the markets.
The market has closed losing only 58 points and above 18600 level.
On the hourly time frame, the market consolidated whole day and has given a break out of day's high in the last hour of the session.
The market, on 15 minute time frame, has traded around both the moving averages creating high volatile market and closed above both the moving averages.
Support :- 18640, 18590-550, 18450
Resistance :- 18720, 18780
The election results are near which can create a volatile market in the coming days.
Wait for the price action near the price levels before entering the markets.
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