Nifty daily analysis for 01/09/23.
Nifty has been trading below the 20 ema and is taking support from 19250 levels.
Market has lost around 200 points from this week high and is trading around the previous swing low.
If the market gives a gap up opening then there can be a halt candle and on the bearish side there will be another sell off.
On the hourly charts, the market came for selling and got rejection from the 20 ema. It has closed below both the moving averages.
There is a bearish moving averages cross over today, which has given a good R:R ratio of 1:2.5, on 15 minute time frame.
Nifty has been taking support from the trend line and has tested it 3-4 times. If the trend is broken then there can be a good sell off.
Support :- 19240, 19180
Resistance :- 19310, 19400
Wait for the price action near the levels before entering the market.
Market has lost around 200 points from this week high and is trading around the previous swing low.
If the market gives a gap up opening then there can be a halt candle and on the bearish side there will be another sell off.
On the hourly charts, the market came for selling and got rejection from the 20 ema. It has closed below both the moving averages.
There is a bearish moving averages cross over today, which has given a good R:R ratio of 1:2.5, on 15 minute time frame.
Nifty has been taking support from the trend line and has tested it 3-4 times. If the trend is broken then there can be a good sell off.
Support :- 19240, 19180
Resistance :- 19310, 19400
Wait for the price action near the levels before entering the market.
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