50 and 200 Hours EMA proving to be major hurdles for Nifty.
We have been seeing from 25th January 2023 that both 50 and 200 Hours EMA are not allowing Nifty to settle above it. Even if Nifty crosses below immediately. Currently the Nifty is below both 50 and 200 EMAs at 17770.9 indicating immense weakness and lack of confidence of retail investors. FIIs are also on the selling side. Only saving grace has been DIIs stepping in on every major fall to save the index.
Nifty Supports: 17720, 17650, 17494 and finally 17352. 17352 is a critical level below which bears will be dominating the market.
Nifty Resistances: Nifty has to overcome lot of resistance before we can see proper Bull Run in the market. Resistances on hourly chart are at 17794, 17893, 17916, 17975, 18113, 18202 and finally 18264. Bulls can take control of the market only after we have a weekly closing above 18264.
Nifty Supports: 17720, 17650, 17494 and finally 17352. 17352 is a critical level below which bears will be dominating the market.
Nifty Resistances: Nifty has to overcome lot of resistance before we can see proper Bull Run in the market. Resistances on hourly chart are at 17794, 17893, 17916, 17975, 18113, 18202 and finally 18264. Bulls can take control of the market only after we have a weekly closing above 18264.
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