Nifty50 weekly expiry analysis for14/08/24.
Nifty is trading in a parallel channel and is around the support trendline. From the last week sell the markets recovered and are now again around the lower levels.
Daily 20 ema has been creating a resistance for the market and a good rejection is seen from that level.
Even on the smaller time frame, market is trading below the moving averages, which signifies a bearish market.
Fibonnaci and the price action are also looking bearish on the daily charts.
Tomorrow is the weekly expiry for both the indices and a chance of seeing a follow through candle are there, if there is a flat to slight gap up opening (around 24150-180).
A huge gap up will create confusion and market may form a doji candle.
Major support levels :- 24090, 24000, 24910
Resistance levels :- 24225, 24320
Wait for the price action near the levels before entering the market.
Daily 20 ema has been creating a resistance for the market and a good rejection is seen from that level.
Even on the smaller time frame, market is trading below the moving averages, which signifies a bearish market.
Fibonnaci and the price action are also looking bearish on the daily charts.
Tomorrow is the weekly expiry for both the indices and a chance of seeing a follow through candle are there, if there is a flat to slight gap up opening (around 24150-180).
A huge gap up will create confusion and market may form a doji candle.
Major support levels :- 24090, 24000, 24910
Resistance levels :- 24225, 24320
Wait for the price action near the levels before entering the market.
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